KSE- 100 index jumps 673 points

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Shares at the Pakistan Stock Exchange (PSX) continued to rally on Friday, with analysts attributing the uptrend to year-end buying and expectations of completion of the International Monetary Fund’s (IMF) ninth review which would boost critically low foreign exchange reserves.

The benchmark KSE-100 index jumped 673.09 points, or 1.69 per cent, to reach 40,420.45 points by the end of trading.

Head of Equity at Intermarket Securities Raza Jafri noted that the government has “belatedly started to comply with IMF conditions, going by the removal of import curbs and reduction in concessionary loans”.

“The market may be taking heart from this,” he said, adding that the element of year-end window dressing could also be at play.

Oil and Gas Development Company Ltd (OGDCL) shares gained Rs3.59 or 4.7pc. One reason for the stock market’s rise is year-end buying. Secondly, the oil sector has gained because of expectations the government will end circular debt next year.