The Pakistan Stock Exchange (PSX) began the week on a high note, surpassing the 81,000 mark, bolstered by the newly-signed International Monetary Fund (IMF) deal.
The benchmark KSE-100 index rose by 1,168.64 points, or 1.46%, reaching 81,112.73 points during intraday trading, compared to the previous close of 79,944.10 points.
Raza Jafri, CEO of EFG Hermes Pakistan, told Geo.tv that the market is reacting positively to the staff-level agreement with the IMF for a $7 billion program over 37 months. “This agreement is expected to support macroeconomic stability and help Pakistan implement necessary reforms in areas such as taxation, energy, and more equitable spending between the center and the provinces,” Jafri explained.
Analyst Ahsan Mehanti from Arif Habib Corp noted that stocks reached an all-time high as investors responded to the IMF staff-level agreement on the $7 billion Extended Fund Facility. “Speculation on easing State Bank of Pakistan (SBP) rates also played a catalytic role in the bullish activity during the earnings season,” he added.
On Friday, the stocks experienced a volatile session following the Supreme Court’s decision on reserved seats, decreasing by 48.26 points, or 0.06%, to close at 79,944.10 points.
