KARACHI: Bulls took charge of the Pakistan Stock Exchange (PSX) on Monday after the market gained new heights by gaining more than 1,000 points due to the new $7 billion International Monetary Fund (IMF) deal.
The benchmark KSE-100 index rose to 81,306.16 points, up by 1,362.07 points or 1.70% during the intraday trading compared to the previous close of 79,944.10 points.
EFG Hermes Pakistan’s CEO Raza Jafri, while speaking to Geo.tv, said the market is reacting positively to the staff-level agreement with the IMF for a $7 billion program spanning over 37 months.
“This is expected to help support macroeconomic stability and help Pakistan conduct necessary reforms in areas such as taxation, energy, and more equitable spending between the center and the provinces,” said the analyst.
Analyst Ahsan Mehanti at Arif Habib Corp said the stocks reached all time high as investor weigh IMF staff-level agreement on $7 billion Extended Fund Facility.
“Speculation on easing SBP (State Bank of Pakistan) rates played a catalyst role in bullish activity of the earnings season,” he added.
The stocks had Friday witnessed a volatile session after the decision of the Supreme Court on reserved seats, decreasing by 48.26 points or 0.06% to close at 79,944.10 points.
