PSX gains over 1000 points

KARACHI: The benchmark index at the Pakistan Stock Exchange witnessed an upward trajectory on Monday and gained over 1000 points, as the federal government hinted at a positive outcome from the negotiations with the International Monetary Fund (IMF) to unlock $1.5 billion as part of the ninth review.

The KSE-100 gained1034 points and is currently trading at Rs41,100. 65. The market opened in the green and sustained strong momentum in the initial hours.

The government is expecting a breakthrough with the IMF in the coming days, after the government amended the federal budget to meet the lender’s prerequisites.

The budget amendments include additional tax measures of Rs215 billion, a cut of Rs85 billion, and the lifting of restrictions on imports.

According to the sources, the Islamic Development Bank and the government of Pakistan are talking for maximum upfront disbursements out of its already announced portfolio of over $4 billion to maintain low foreign exchange reserves until the IMF follows through.

The positive performance of Pakistan’s stock market reflects the optimism surrounding the potential IMF loan, which is expected to provide economic stability and support the country’s financial growth.