Bulls dominated the market on Thursday at the Pakistan Stock Exchange (PSX) as shares rose by more than 600 points in intraday trade.

The benchmark KSE-100 index increased by 638.5, or 0.54 per cent, to close at 118,971.40 from the last close of 118,338.90.

At 1:45pm, the index stood at 1,298.02 points.

Samiullah Tariq, head of research and development at Pak Kuwait Investment Company Ltd, said that the market had better expectations from the budget due to which the market performed well, adding that better corporate results instilled hope.

The government has delayed unveiling the federal budget from June 2 to June 10 due to inconclusive discussions with the IMF on taxation and fiscal measures.

Informed sources said the visiting IMF staff mission had multiple rounds of discussion, including a wrap-up session with Finance Minister Muhammad Aurangzeb.