Bulls rule stock market as IMF includes Pakistan in executive board meeting on Sept 25
Business
After a day’s break of Eid-e-Milad, the KSE-100 index reached 80,549 points
KARACHI (Dunya News) – A day after the International Monetary Fund (IMF) included Pakistan in its executive board meeting, the bulls continued to rule the stock market on the second working day of the week.
After a day’s break of Eid-e-Milad, the KSE-100 index reached 80,549 points after gaining 1058 points on Wednesday.
It must be remembered that the Pakistan Stock Exchange witnessed an upward trend at the end of the first day of the business as the KS-100 index stood at 79,491 points after gaining 159 points.
On the other hand, the US dollar continued to depreciate against the Pakistani rupee. The dollar price stood at Rs278 from Rs278.13 after losing Rs0.13 in the interbank trade.
IMF SEPT 25 EXECUTIVE BOARD MEETING
The International Monetary Fund (IMF) finally included Pakistan’s name in its executive board meeting. The global lender will review the new loan programme worth $7 billion for Pakistan on Sept 25.
Pakistan had sought assurances from various development partners to fill its financing gap worth $2 billion.
PAKISTAN SANGUINE ABOUT PACKAGE APPROVAL
Finance Minister Muhammad Aurangzeb claims that all matters with the International Monetary Fund (IMF) have been resolved.
In a statement a few days earlier, the minister said Pakistan was moving towards development after achieving economic stability.
The finance minister expressed gratitude for Prime Minister Shehbaz Sharif's team, the IMF negotiating team, and other key institutions for their crucial role in making the upcoming IMF deal possible.
He said the matters would be finalised in the IMF Board meeting scheduled to be held on Sept 25.
As for the State Bank of Pakistan's decision of reduction in the policy rate, the minister said it would help increase investment and business activities in the country. The uptick in economic activities would create job opportunities, he added.
