Karachi: Pakistan Stock Exchange (PSX) witnessed a mix trend on Tuesday as market is trading at 43, 807 points after losing 91 points.
The stock market witnessed the highest single-day gain yesterday with the benchmark KSE-100 index rising more than 2,400 points following the agreement with the International Monetary Fund (IMF).
The index was up 2,414 points at 43,867 at 11:30 am. It closed at 43,899 points, up 2,446.32 points from Friday’s close of 41,452.68.
Pakistan had secured a badly-needed $3bn short-term financial package from the IMF on Friday, giving the economy a much-awaited respite as it teeters on the brink of default.
The deal — subject to approval by the IMF board in July — came after an eight-month delay and offers some respite to Pakistan, which is battling an acute balance of payments crisis and falling foreign exchange reserves.
The $3bn funding, spread over nine months, was higher than expected as Islamabad was awaiting the release of the remaining $2.5bn from a $6.5bn bailout package agreed in 2019, which expired last week.
Meanwhile, Prime Minister Shehbaz Sharif congratulated the nation and the business community on the rally in the stock market. In a statement, he said that because of the government’s “hard work and sound policies”, there were signs of economic recovery.
He said that the country had “once again” turned towards the path of development, adding that investor confidence had been restored after the standby agreement with the IMF.
PM Shehbaz also vowed to rid the masses of inflation and promised employment for the youth.
