Stock market opens on a positive note, following yesterday’s gains

KARACHI: Despite experiencing substantial fluctuations, the Pakistan Stock Exchange (PSX) recorded notable gains yesterday (Thursday). The benchmark KSE-100 index touched the day’s highest at 78,513.86 points, before closing at 78,349.66 points.

Today, soon after opening the index was seen trading at 78,806.35 points, showing 456 points growth.

IMF’s delay continues to take toll on stock market

The improvement was primarily driven by factors like declining bond yields and increased optimism surrounding the country’s external financing prospects, market experts said.

The market’s positive momentum was further bolstered by the anticipated approval of the $7 billion Extended Fund Facility (EFF) by the International Monetary Fund’s (IMF) executive board.

Additionally, the recent upgrade by Moody’s, which raised Pakistan’s credit rating to Caa2 and provided a positive outlook due to reduced default risk, contributed to the market’s upward trajectory.

Nadeem Naqvi appointed as interim CEO of PSX

Although some profit-taking occurred later in the day, the market rebounded, closing in green.