Shares at the Pakistan Stock Exchange recover on hopes of IMF program revival
As a delegation from the International Monetary Fund (IMF) arrived in Pakistan to negotiate the restart of the loan program that had been halted, shares at the Pakistan Stock Exchange (PSX) began to increase on Tuesday.
By 585.35 points or 1.47 percent, the benchmark KSE-100 index increased to 40,456.62 points at 11:28 a.m.
Share prices rose, according to Ahsan Mehanti, director of Arif Habib Corporation, on expectations that the IMF team will help Pakistan resume its delayed program, which the nation needs to avoid default.
After the government removed an unofficial limit on the USD-PKR exchange rate and enabled the local currency to devalue in line with rising petroleum costs, the likelihood of resuming the program has improved, he continued.
Mehanti observed that trading volumes were modest and predicted that the stock market will continue to recover.
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