PSX rises more than 450 points as IMF tranche inches closer
The Pakistan Stock Exchange (PSX) increased by more than 450 points shortly after trading began on Monday, maintaining its upward trend.
The benchmark KSE-100 index increased by 473.67 points, or 1.11 percent, by 10:01 am to reach 43,331.24 points, according to the PSX website.
The letter of intent (LOI) from the International Monetary Fund (IMF) and Saudi Arabia's assurance of additional support were among the positive developments over the weekend, according to Raza Jafri, head of research at Intermarket Securities, who also noted that the index started the week strongly.
“The market is still quite cheap on valuations,” he added.
According to Ahsan Mehanti of Arif Habib Corporation, the rapid recovery of the rupee and rumors of a Saudi Arabian package's renewal and expansion are to account for the upward trend.
He also attributed it to the IMF's letter of intent and the finance minister's announcement of a $1 billion investment from the United Arab Emirates in the PSX.
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