KARACHI: The Pakistan Stock Exchange (PSX) reached a new record on Monday as it crossed the 56,000 mark for the first time in history as investors bet on positive talks with the International Monetary Fund (IMF) delegation.
The KSE-100 index hit 56,176.16 points during intraday trading, up 784.80 or 1.42% from its previous close of 55,391.36 points.
Capital market expert Saad Ali told jio.tv The market is extending last week’s gains as the International Monetary Fund (IMF) ended technical talks without any problems.
“There is no indication that the IMF will not allow a rate cut,” he said.
The IMF mission began its review of Pakistan’s bailout package on 2 November and is expected to conclude by 15 December.
The review will decide whether Pakistan will get the second tranche of $700 million in December or not. The country received $1.2 billion as the first tranche of the standby arrangement from the global lender in July.
Last week, the benchmark index set a new milestone after crossing the 55,000 barrier due to the ongoing IMF review, domestic institutional buying and a decline in Pakistan Investment Bond (PIB) yields.
The benchmark KSE-100 index rose 4.3% in the week ending Friday, its eighth consecutive weekly rise.
More to follow…