PSX registers hefty gains following IMF agreement
Business
KSE-100 Index gained 1,300 points during trade on Wednesday
KARACHI (Dunya News) – Hours after the International Monetary Fund (IMF) and the Pakistani authorities reached a staff-level agreement on the first review under Pakistan’s Extended Fund Facility (EFF) and on a new arrangement under the Resilience and Sustainability Facility (RSF), the Pakistan Stock Exchange (PSX) gained momentum as the benchmark KSE-100 Index gained more than 1,500 points during the opening hours of trade on Wednesday.
The bulls rallied swiftly following the staff-level agreement with the global lender, with the KSE-100 Index hovering at 118,220 st one point while closing at 117,178 points at the end of trading with an increase of 1139 points.
According to market analysts, a recent research conducted by the Oil and Gas Development Company (OGDC) and the Pakistan Petroleum Limited (PPL) over the feasibility of the Reko Diq project in Balochistan also sent positive signals to the investors.
Extensive buying was witnessed in key sectors including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery.
Other than that, the index-heavy stocks including OGDC, MARI, PPL, HUBCO, PSO, SNGPL and SSGC also traded in the green following good news on the macroeconomic front.
PSX GAINS GROUND AFTER GOING SOUTH
The Pakistan Stock Exchange (PSX) gained some ground during Tuesday’s trading after a lean day.
At the outset of trading, the KSE-100 Index declined to 115,877 after losing 562 points. But soon it recovered and climbed to 116,904 with a gain of 400 points.
On Monday, the PSX closed at 116,439 after losing 2,002 points. It took the plunge because of selling pressure.
