ISLAMABAD, Jul 4 (NNN-APP) – The Pakistan Stock Exchange, yesterday, witnessed a historic single-day gain, in the first trading session, following a staff-level agreement with the International Monetary Fund (IMF).
The Pakistan Stock Exchange’s benchmark KSE 100-Index, moved up by 5.57 percent or 2,446.32 points, to close at 43,899 points yesterday, when compared with 41,452.68 points reported in the previous session.
According to market analysts, the bull run in the stock market is a direct outcome of the country’s agreement with the IMF.
The IMF and the Pakistani authorities reached a staff-level agreement last week, on a nine-month Stand-By Arrangement, in the amount of around three billion U.S. dollars, which is subject to approval by the IMF Executive Board, with its consideration expected by mid-July.
The market has been witnessing a depressing trend in the past months, due to the uncertainty that was looming around the approval of the IMF programme.
The arrangement brought a significant positive sentiment in the market and among the traders, which resulted in record gains in the market, according to analysts.– NNN-APP
