ISLAMABAD – The Pakistan Stock Exchange remained buoyant on Wednesday as the KSE-100 index gained 970.20 more points after the International Monetary Fund (IMF) included Pakistan’s $7 billion loan deal on its agenda of upcoming Executive Board’s meeting scheduled for September 25.
The 100-index benchmark closed at 80,461.34 points with a positive change of 1.22 percent as compared to previous closing of 79,491.14 points on Monday.
A total of 400,195,963 shares were traded during the day whereas the price of shares stood at Rs 15.904 billion against Rs. 8.911 billion on the last trading day.
As many as 439 companies took part in the trading with 186 of them recording gains and 199 suffering losses, whereas the share price of 54 companies remained unchanged.
The upward trend in the market has signaled renewed investor confidence after political stability and IMF’s decision to review the South Asian country’s bailout package.
The global lender has formally added Pakistan’s $7 billion loan deal to its agenda for the Executive Board meeting scheduled for September 25.
The global lender has officially announced the calendar for the IMF Executive Board meeting, confirming that the South Asian country’s bailout package will come under review on Sept 25.
The loan request from Pakistan falls under the Extended Fund Facility, and the board would consider the approval of the package during the upcoming meeting.
The development comes nearly a week after Prime Minister Shehbaz Sharif revealed that friendly countries have helped Pakistan meet the requirements laid forth by the IMF for loan deal’s approval.
In July, International Monetary Fund and Pakistan have reached a staff-level agreement on a 37-month Extended Fund Facility Arrangement (EFF) of about $7 billion. This agreement is subject to approval by the IMF’s Executive Board.
