KARACHI — Pakistan Stock Exchange (PSX) advanced gains at start of the business with an increase of over 550 points in KSE-100, reaching 82,800 points.
Details shared on PSX portal show market opened on a positive note following the bailout funds approval from the International Monetary Fund (IMF).
The the stock exchange is experiencing a positive trend, with the index currently standing at 82,797.17, with increase of 0.67%. The market has shown resilience, reaching a high of 82,905.73 earlier in the day, while dipping to a low of 82,699.17.
The optimism is backed by approval of IMF’s $7 billion loan to Pakistan, with an immediate disbursement of $1 billion.
Pakistan relied on over 20 loans in last 7 decades and has committed to unpopular measures, such as increasing tax collections while the country faced severe financial challenges last year, nearly defaulting on its debts. Sharif called the bailout a crucial step in addressing immediate economic issues.
