PSX registers gains amid optimism over IMF loan tranche
In anticipation of the International Monetary Fund (IMF) releasing funds under the loan program, the Pakistan Stock Exchange (PSX) opened in positive territory.
The KSE-100 index is currently at 168,846.76, up 434.53 points from the previous close of 168,412.23, or 0.26%.
The index peaked during trading at 169,686.03, and its intraday low was 168,846.76.
A total of 86,903,041 shares with a traded value of 3,707,988,595 were involved in market activity.
As the market starts the day steadily and shows slight upward momentum, investors are cautiously optimistic.
According to PSX data, the benchmark index resumed its downward trend on Tuesday, shedding 1,085.12 points, or 0.64 percent, and closing at 168,412.23 points as opposed to 169,497.36 points on the previous trading day.
In contrast to the previous session’s 780.227 million shares valued at Rs 33.420 billion, the ready market had a trading volume of 1,190.338 million shares with a traded value of Rs 34.542 billion. The market capitalisation dropped from Rs 18.747 trillion to Rs 18.646 trillion the previous day.
Thirty stayed constant, 284 decreased, and 168 advanced out of 482 active businesses in the ready market.
On May 8, the IMF will hold an Executive Board meeting to discuss approving a $1.2 billion tranche for Pakistan.
The Board will assess Pakistan’s performance under the Extended Fund Facility (EFF) program, according to an official IMF release. The successful completion of the third economic evaluation, which is anticipated to be approved during the meeting, is a prerequisite for approval.
The statement also stated that the Board will undertake the second review under the Resilience and Sustainability Facility (RSF), a program designed to assist nations in tackling climate change issues.
On March 27, a staff-level agreement between Pakistan and the IMF was achieved, opening the door for the Board’s consideration. The tranche’s clearance would give the nation much-needed financial support to improve its external position and stabilise its economy.