KARACHI – The Pakistan Stock Exchange (PSX) on Thursday continued its gaining streak as massive buying rally took the stocks to another fresh high as Pakistan hoped to secure next tranche of loan from the International Monetary Fund (IMF).
As trading underway, the KSE-100 index has gained 1,240.20 points till 10:00 am, surging to all-time high of 119,214.22 points as compared to previous close of 117,974 points.
The hopes for securing the $1 billion loan tranche from the global lender under the Extended Fund Facility (EFF) has sparked positive sentiments in the market as it reflects from the numbers.
The IMF delegation recently concluded its visit to Pakistan o hold discussions on the first review of Pakistan’s economic programme supported by EFF and on a possible new arrangement under the IMF’s Resilience and Sustainability Facility (RSF).
In an official statement, IMF mission head Nathan Porter had said have made significant progress toward reaching a Staff Level Agreement (SLA) on the first review.
“Program implementation has been strong, and the discussions have made considerable progress in several areas including the planned fiscal consolidation to durably reduce public debt, maintenance of sufficiently tight monetary policy to maintain low inflation, acceleration of cost-reducing reforms to improve energy sector viability, and implementation of Pakistan’s structural reform agenda to accelerate growth, while strengthening social protection and rebuilding health and education spending,” he added.
