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KARACHI – The Pakistan Stock Exchange (PSX) maintained its upward trajectory as the benchmark KSE-100 surged by more than 700 points in the initial hours of trading on Tuesday.
Investor enthusiasm soared as the market surpassed the significant threshold of 74,500 points, reflecting strong confidence and optimism in the country’s economic outlook.
By 11:40am, the benchmark index stood at 74,362.27, marking a notable increase of 563.16 points or 0.76%.
Positive activity was observed across various sectors, including commercial banks, fertilizers, oil and gas exploration companies, OMCs, and refineries. Leading stocks such as OGDC, PPL, PSO, SNGPL, HBL, and NBP experienced gains.
The surge in buying activity was attributed to progress in negotiations between the Pakistani authorities and the International Monetary Fund (IMF) regarding a new program.
Currently, the Pakistani government initiated discussions with the IMF on further collaboration.
In a significant development, the IMF mission, led by Nathan Porter, IMF Mission Chief, held discussions with the finance minister at the Finance Ministry on Monday.
Pakistan anticipates a substantial bailout package exceeding $6 billion from the IMF to strengthen its economy and address urgent fiscal challenges. The economic team of the Finance Ministry diligently prepared for the negotiations, ensuring comprehensive groundwork for productive discussions.
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