A significant rally is being observed in the Pakistan Stock Exchange (PSX) following the staff-level agreement between the International Monetary Fund (IMF) and Pakistani authorities. At the start of trading on Wednesday, the KSE-100 index surged by over 1,500 points, crossing the high level of 167,000.
At 9:35 AM, the KSE-100 index had climbed by 1,566.53 points (0.95 percent) to reach 167,042.55 points.
Strong buying was observed in sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration, oil marketing companies (OMCs), and power generation early in the session. Companies like Hubco, Mari, OGDC, POL, PPL, PSO, SSGC, SNGPL, MCB, Meezan Bank, and UBL were seen trading in the positive zone.
According to a statement issued by the IMF on Wednesday, the staff-level agreement is subject to the approval of the IMF’s Executive Board. Following approval, Pakistan will receive approximately $1.0 billion (SDR 760 million) under the EFF and about $200 million (SDR 154 million) under the RSF, bringing the total disbursements under both programs to around $3.3 billion.
It is worth noting that a historic surge was witnessed in the Pakistan Stock Exchange (PSX) on Tuesday, where the KSE-100 index closed at 165,476.02 points, an increase of 7,032.60 points.
