KARACHI – Pakistan Stock Exchange (PSX) advanced sturdy bullish momentum on Thursday, with its benchmark index KSE-100 reaching record high in what is said to short-term macro-economic recovery.
On Thursday, stock market benchmark KSE 100-Index soared by 415 points, crossing the 57,000 level for the first time in its history.
Last month, the benchmark index exceeded the then-record level of 50,000 for the first time in six years and it further gained momentum as country head toward polls and also secured external financing.
There is apparently a positive sentiment in money market after Pakistan and IMF reached staff-level agreement on first review for Stand-By Arrangement (SBA).
Auto assemblers, chemical, OMCs, refineries and pharmaceuticals are trading in the green.
Islamabad and the International Monetary Fund (IMF) on Wednesday reached staff-level agreement on the first review under the South Asian country’s Stand-By Arrangement (SBA).
IMF team has reached a staff-level agreement (SLA) with the Pakistani authorities on the first review of their stabilisation programme supported by the IMF’s $3 billion.
The agreement is subject to approval of the IMF’s Executive Board. Upon approval, around US$700 million (SDR 528 million) will become available bringing total disbursements under the programme to almost US$1.9 billion.
Pakistan, IMF reach Staff-Level Agreement on First Review for SBA
