KARACHI – Pakistan Stock Exchange (PSX) saw bullish trend on Wednesday as the KSE-100 index jumped past 66,000 points level after gaining 500 points.
During the intra-day trading, the KSE-100 climbed by 487.25 points to reach 66,392.52 points till 12:58 pm and it is expected to witness more surge by the closing of the market.
Major sector to record buying during intra-day trading include automobile, cement, commercial banks, and refinery.
The recent increase shows positive sentiments of investors as the government vigorously pursuing the policy of privatization.
The newly-formed government is also expected to secure $1.1 billion from the International Monetary Fund (IMF) as both sides recently reached staff-level agreement, sparking positive sentiments among investors.
On March 20, the IMF team reached a staff-level agreement with the Pakistani authorities on the second and final review of Pakistan’s stabilization program supported by the IMF’s $3 billion Stand-By Arrangement (SBA) approved in January 2024.
The IMF team, led by Nathan Porter, visited Islamabad from March 14-19, 2024, to hold discussions on the second review of Pakistan’s economic program.
Porter said, “This agreement is subject to approval by the IMF’s Executive Board, upon which the remaining access under the SBA, $1.1 billion (SDR 828 million), will become available.”
IMF reaches staff-level agreement with Pakistan on $1.1 billion bailout review
