Bulls took control of the trade floor at the Pakistan Stock Exchange (PSX) as shares climbed more than 900 points on Thursday in intraday trade.
The benchmark KSE-100 index climbed 989.51 points, or 0.88 per cent, to stand at 113,243.27 at 11:56am from the last close of 112,253.76.
Yesterday, the stock market had struggled as investor sentiment remained mixed due to a lack of positive triggers, forcing the benchmark KSE 100 index into the red zone on late profit selling.
Analysts had noted that the market fell sharply lower in sympathy with a sell-off in Asian markets and a slump in global crude oil prices after the Trump administration imposed tariffs on Canada, Mexico, and China, triggering a tariff war.
However, the finance minister’s comment that Pakistan was “well positioned” for the ongoing International Monetary Fund (IMF) review had provided some respite as it boosted investor confidence, leading to buying in initial trading hours.
Finance Minister Muhammad Aurangzeb confirmed that the IMF and Pakistan had begun discussions on the first biannual review of the $7 billion programme, adding that the country was “well-positioned” for the talks.
Pakistan and the IMF had reached a three-year, $7bn aid package deal in July, with the new programme set to allow the country to “cement macroeconomic stability and create conditions for stronger, more inclusive and resilient growth”.
A nine-member mission from the IMF has began its first biannual review of Pakistan’s $7bn Extended Fund Facility (EFF).
More to follow
