PSX turns positive after IMF greenlights loan

KARACHI: The Pakistan Stock Exchange (PSX) turned bullish yesterday (Wednesday) as confidence grew around the impending approval of Pakistan’s IMF loan.

The KSE-100 index shot up by over 700 points, just hours before the International Monetary Fund’s (IMF) Executive Board meeting.

The index closed 764.27 points higher, a 0.94 per cent rise, finishing the day at 82,247.91 points, up from the opening stage of 81,483.64 points.

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Market analysts credited the surge to market anticipation of the IMF programme’s approval, further strengthened by the declining current account deficit and stabilizing economy.

Pakistan entered into an agreement with the IMF for $7 billion, three-year financial agreement, in July this year IMF. The programme is expected to solidify macroeconomic stability and pave the way for more sustainable and inclusive growth in the country.

Both the Prime Minister and the Finance Minister have been optimistic regarding the IMF’s review, since Pakistan had met all the conditions of the IMF, many of which were stringent.