KARACHI – Pakistan Stock Exchange (PSX) opened the new business week with bullish trend as it broke all previous records on Monday to reach all-time high of 81, 320 points.
During intraday trading, the KSE-100 index surged by an impressive 1,367 points, reaching 81,320.88 points, marking a 1.72% increase from the previous close of 79,944.09 points.
Last week, the Pakistan Stocks breached the 81,000-point level after registering an increase of 483.98 points, reaching 81,050.18 points during intraday trading.
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Experts have attributed the bullish trend to various factors including the privatization of the PIA and staff level agreement with the International Monetary Fund (IMF).
On Saturday, Pakistan and the International Monetary Fund (IMF) reached a staff-level agreement on a 37-month Extended Fund Facility Arrangement (EFF) totaling approximately $7 billion.
Following a request from the Pakistani authorities, an IMF team led by Nathan Porter, the IMF’s Mission Chief to Pakistan, conducted discussions in Islamabad from May 13-23, 2024, and continued virtually afterward. These discussions focused on IMF support for the Pakistani authorities' medium-term policy and reform plans. At the conclusion of these discussions, Mr. Porter released the following statement:
This agreement is subject to approval by the IMF’s Executive Board and the timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners.
Porter said, “The program aims to capitalize on the hard-won macroeconomic stability achieved over the past year by furthering efforts to strengthen public finances, reduce inflation, rebuild external buffers and remove economic distortions to spur private sector led growth.”
