KARACHI – Pakistan Stock Exchange benchmark share index moved up 1.6 percent to a new record high on Thursday, fueled by International Monetary Fund optimism.
A major milestone for Pakistani stock market as KSE-100 touched 82,000-point mark for the first time in history amid positive economic developments, and anticipated IMF deal by the September end, and due to cut in interest rates.
As per PSX portal, the index experienced a remarkable rise of 1,539 points during the trading session, reaching a record high of 82,000 points. This performance eclipsed the previous record set on July 18, when the index peaked at 81,939 points.
Financial experts link the drastic surge with positive economic indicators, especially negotiations between the government and the IMF for a loan.
On Wednesday, Stock Exchange moved up by 81,000-mark as session opened with strong bullish sentiment and continued to gain throughout the day.
International Monetary Fund (IMF) puts Pakistan’s $7 billion loan program during its executive board meeting on September 25 as the country secured assurances from various development partners to cover a $2 billion financing gap.
Pakistani officials expressed optimism about the approval of the bailout package and noted that discussions with the IMF have gone smoothly.
PSX surges above 80,000 points amid hopes for IMF approval for $7bn loan
