During the early trading session, the KSE-100 rose to 72,335 points, marking a gain of 976 points from the previous day’s closing figure of 71,476 points.
Market experts attribute the upward trend in Pakistan’s stocks to factors such as a surplus in the current account, increased foreign investment, and a rise in IT exports. Notable sectors driving the market include oil and gas, banks, fertilizers, and cement.
Finance Minister Muhammad Aurangzeb recently stated that Pakistan is making progress in securing a new loan from the IMF.
In an interview with The National, Aurangzeb mentioned that discussions with the IMF have been positive, indicating a willingness to consider a larger and longer-term program.
Pakistan has formally requested an IMF bailout package ranging from $6 to $8 billion under the Extended Fund Facility, with the potential for additional support through climate financing.
The final size and terms of the loan will be determined following negotiations, with details expected to be finalized in May 2024.