Pakistan Stock Exchange (PSX) consolidated gains on Wednesday as the government started talks with the International Monetary Fund (IMF) for revival of the loan programme, with the benchmark KSE-100 Index gaining 300.82 points (+0.70 percent) to close at 43,026.88 points.
The market opened on a negative note and switched between the green and red territories during the initial half an hour. Later, bulls made a comeback on the backdrop of the government’s decision to rule till August 2023. Pakistan’s talks with the International Monetary Fund (IMF) in Doha to revive the stalled multibillion-dollar loan programme gave support to the market.
However, the rupee continues to lose value closing at a historic low of $198.39 with higher international oil prices. The continuous depreciation of the rupee against the US dollar kept the market’s gains in check.
The KSE-100 Index moved in a range of 651.88 points, showing an intraday high of 43,161.43 and a low of 42,509.55 points. Among other indices, the KSE All Share Index gained 175.36 points (+0.6 percent) to close at 29,280.11 points, while KMI All Share Islamic Index gained 149.97 points (+0.72 percent) to close at 21,062.6 points.
A total of 355 companies traded shares in the stock exchange compared to 345 a session earlier.
