KARACHI – Pakistan Stock Exchange on Wednesday saw quick gains following a staff-level agreement with the International Monetary Fund (IMF).
KSE 100 Index gained over 400 points in light of positive sentiment spurred in the money market after the positive development on the economic side.
The market opened positively, up by 0.61pc to reach 65,902.63 points. Significant buying by the insurance sector and the IMF approval were key drivers of the market’s upward movement.
The stock market’s positive momentum was in line with expectations, as investors anticipated a smooth IMF review after the appointment of the new finance minister and the completion of all targets.
Furthermore, Pakistan dollar bonds saw an increase in trading value, with the 2027-maturing bond up 0.25 cents and the 2025 bond up 0.21 cents on the greenback.
Pakistan, IMF reach staff-level agreement for release of 1.1bn tranche under SBA
