KARACHI: The Pakistan Stock Exchange (PSX) started the week on a positive note as it crossed the 81,000 mark, boosted by the newly signed International Monetary Fund (IMF) deal.
The benchmark KSE-100 index rose 1,168.64 points, or 1.46%, to 81,112.73 points during intraday trade, compared to the previous close of 79,944.10 points.
Speaking to Geo.tv, EFG Hermes Pakistan Managing Director Raza Jafri said the market is responding positively to the staff-level agreement with the IMF on a $7 billion program over a period of 37 months.
“This is expected to help promote macroeconomic stability and help Pakistan implement necessary reforms in areas such as taxation, energy and fairer spending between the center and provinces,” the analyst said.
Analyst Ahsan Mehanti of Arif Habib Corp said the stock hit an all-time high as the investor weighs an IMF staff-level deal on an expanded $7 billion fund.
“Speculation on SBP (State Bank of Pakistan) rate easing played a role as a catalyst for bullish activity in the earnings season,” he added.
The stock witnessed a volatile session on Friday following the Supreme Court’s decision on reserved seats as it declined 48.26 points or 0.06% to close at 79,944.10.
