Source: Google/File
KARACHI – The Pakistan Stock Exchange (PSX) continued its upward trend as the benchmark KSE-100 index rose by over 563 points in Wednesday’s early trading hours.
Investor confidence was high as the market crossed the significant threshold of 7,5094 points, signaling strong hopefulness regarding the country’s economic outlook.
By 11:40 am, the benchmark index stood at 74,362.27, reflecting a notable rise of 563.16 points or 0.76%. Various sectors, including commercial banks, fertilizers, oil and gas exploration companies, OMCs, and refineries, saw positive activity. Key stocks such as OGDC, PPL, PSO, SNGPL, HBL, and NBP showed gains.
Progress in negotiations between Pakistani authorities and the International Monetary Fund (IMF) regarding a new program caused the surge in buying activity.
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The Pakistani government has begun discussions with the IMF on further collaboration.
In a significant development, the IMF mission, led by Nathan Porter, IMF Mission Chief, held talks with the finance minister at the Finance Ministry on Monday.
Pakistan expects a substantial bailout package exceeding $6 billion from the IMF to strengthen its economy and address urgent fiscal challenges.
The economic team of the Finance Ministry carefully prepared for the negotiations, ensuring thorough groundwork for productive discussions.