The Pakistan Stock Exchange (PSX) opened with a significant surge on Friday, gaining 999 points, pushing the KSE-100 index to surpass the 80,000-point mark, a level restored after recent economic developments.
The index reached 80,016 points at the start of trading on Friday. The bullish trend is largely attributed to the anticipated finalization of a deal with the International Monetary Fund (IMF), which has fuelled optimism in the market.
Analysts also pointed to a 2% reduction in interest rates and a decrease in global oil prices as contributing factors to the positive momentum in the stock exchange.
At the close of the previous day’s trading, the stock market ended at 79,017 points.
On Thursday, the IMF is set to hold an Executive Board meeting on September 25, during which Pakistan’s new loan program could receive approval. This was confirmed by IMF Director of Communications, Julia Kozack, during a press briefing.
According to Kozack, the IMF’s discussions with Pakistan were successfully concluded in July, focusing on a potential $7 billion loan package. The program aims to support Pakistan’s economic reforms and stability efforts amid ongoing fiscal challenges.
“The IMF is expected to review and possibly approve the loan program for Pakistan during the board meeting on September 25,” Kozack stated, underscoring the importance of the upcoming session for the country’s financial outlook.
On the other hand, the State Bank of Pakistan (SBP) has made arrangements to address the country’s external financing gap, confirmed SBP Governor Jameel Ahmed during an analyst briefing following the recent monetary policy announcement.
