Shares at PSX surge 1,300 points after IMF agreement
Bulls dominated the trade floor on Wednesday as shares at the Pakistan Stock Exchange (PSX) surged more than 1,300 points in intraday trade after the government clinched the staff-level agreement (SLA) with the International Monetary Fund (IMF).
The benchmark KSE-100 index climbed 1,390.46 points, or 1.19 per cent to stand at 118,023.62 from the previous close of 116,633.16 at 9:22am.
Awais Ashraf, director research at AKD Securities, said, “Investors remain optimistic about securing a staff-level agreement with the IMF for the disbursement of a $1 billion tranche and accessing additional financing under the Resilience and Sustainability Facility (RSF).”
“Additionally, the release of the revised feasibility study for Reko Diq by OGDC and PPL has renewed interest in their respective stocks,” he said, adding that energy stocks were expected to be the focus today amid progress “clearing circular debt and the updated feasibility study of Reko Diq”.
Mohammed Sohail, chief executive of Topline Securities, noted that the market had opened with a 1,300-point surge after the agreement with the fund.
More to follow