Bulls stage strong comeback as PSX rises above 107k points
Business
IMF board has its first review under $7 billion Extended Fund Facility (EFF) programme
KARACHI (Dunya News) – A day after terrible shedding triggered by geopolitical aggravation, the Pakistan Stock Exchange (PSX) stood from the ground up on Friday.
The benchmark KSE-100 Index was hovering at 105,759 after gaining more than 2,200 points during the opening hours of trade. Later, things further improved and the index closed at 107,174 after attaining 3,647 points.
Across-the-board buying was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, and power generation.
Besides, index-heavy stocks, including HUBCO, MARI, OGDC, PPL, POL, PSO, and SNGPL, also traded in the green as bulls returned to the PSX.
Experts have linked the latest bullish spree with meeting of the Executive Board of the International Monetary Fund (IMF).
The board is set to consider “Pakistan's first review under the Extended Fund Facility (EFF) program, request for modification of performance criteria and request for an arrangement under the Resilience and Sustainability Facility.”
Read more: PSX loses more than 12,000 points in two days amid war clouds
The board will have its first review under the $7 billion Extended Fund Facility (EFF) programme and a new arrangement of $1.3 billion under the Resilience and Sustainability Facility (RSF) for Pakistan to fight daunting challenge of climate change.
It must be remembered that the PSX bled on Thursday, with the benchmark KSE-100 Index losing nearly 6,500 points while closing at 103,526.82, amid simmering tensions between Pakistan and India – which have been going on unabated for the last two weeks.
