Bullish Momentum Persists: KSE-100 Index Surges Nearly 300 Points

The bullish trend at the Pakistan Stock Exchange (PSX) continued on Wednesday, with the benchmark KSE-100 Index rising almost 400 points during intraday trade before falling slightly.

At roughly 11:30 a.m., the benchmark index was trading at 45,456.54, up 300.74 points or 0.7%.

The news comes only a day after the benchmark index surpassed 45,000 for the first time since April 2022, thanks to $2 billion in inflows from Saudi Arabia into Pakistan's central bank.

Automobile assemblers, cement, chemical, commercial banks, oil and gas exploration businesses, and OMCs saw widespread buying, while the pharmaceutical and technology sectors remained in the red.

Market experts predict that the International Monetary Fund's Executive Board will accept a $3 billion stand-by arrangement (SBA) for Pakistan today (Wednesday).

According to the IMF Executive Board calendar, the next sessions are scheduled for July 12, 13, 17, 19, and 20, 2023; however, Pakistan was not on the agenda at the time this article was filed.

According to sources, the Board would take Pakistan's matter on the agenda on Wednesday. Official sources in the Finance Ministry told Business Recorder that the IMF Executive Board is quite likely to accept Pakistan's new programme.

Pakistan will get a $1.1 billion installment following IMF board approval.