The rampant buying at the Pakistan Stock Exchange (PSX) on Tuesday pushed the share prices to all-time high breaking all previous records, reported 24NewsHD TV channel.

Stocks rallied to take the benchmark KSE-100 index to cross the psychological barrier of 71,000 points.

The development came amid talks between Pakistan and the IMF on a new loan deal and as a high-level delegation led by Saudi Arabia’s foreign minister is visiting Pakistan with a plan for heavy investment in the country.

Pakistan and the IMF reached a staff level agreement on the second and last review of a nine-month, $3 billion Stand By Arrangement, which, if cleared by the global lender’s board, will release about $1.1 billion to the struggling South Asian nation. Both sides have also spoken about negotiating a longer-term bailout and continuing with necessary policy reforms to rein in deficits, build reserves and manage soaring debt servicing.

On Tuesday, the share prices surged by 500 points, crossing the 71,000 mark, but later profit-taking was witnesses which brought the index down and currently it is being traded at 70,790.81.

On Monday, the PSX had managed to rise further to new record highs in an earnings season rally backed by gains in oil and banking stocks, despite volatile trading and concerns over escalating geopolitical tensions.

At close, the benchmark KSE-100 index recorded a rise of 229.86 points, or 0.33%, and settled at 70,544.58.

Reporter Ayaz Rana