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PSX surges past 76,000 milestone on ‘significant progress’ on new IMF loan

by News Publishing
May 24, 2024
in Business, Economy, Finance, Main
Reading Time: 2 mins read
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PSX surges past 76,000 milestone on ‘significant progress’ on new IMF loan
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The trading floor at the Pakistan Stock Exchange (PSX) witnessed a bullish trend on Friday, with stocks soaring more than 900 points. This surge came after the International Monetary Fund (IMF) announced significant progress on a new loan agreement with Pakistan.

Following the opening bell, the benchmark KSE-100 index traded in the green, climbing by 956.44 points or 1.27%, reaching 76,070.91 points by 12:08 pm, compared to the previous close of 75,114.47.

Mohammed Sohail, CEO of Topline Securities, attributed the rise to the IMF mission’s statement indicating substantial progress towards reaching a Staff-Level Agreement (SLA) between the IMF and Pakistan. Additionally, pledges of investment from the United Arab Emirates, including a $10 billion commitment, and reports of Pakistan selling its stake in Reko Diq to Saudi Arabia further buoyed market sentiments.

Raza Jafri, CEO of EFG Hermes Pakistan, noted that the PSX reacted positively to the UAE’s investment commitment. He highlighted the growing comfort on the external account, increasing the likelihood of interest rate cuts in the next monetary policy, which could further boost market sentiment.

Awais Ashraf, Director of Research at Akseer Research, echoed similar sentiments, stating that investor confidence was bolstered by the $10 billion investment pledge and positive statements from the IMF mission. He highlighted the potential benefits for energy and financial sector companies under the IMF’s new program, aimed at reforming the energy sector and maintaining low and stable inflation.

Yousuf M. Farooq, Director of Research at Chase Securities, attributed the market gain to reports of the Reko Diq deal. However, he also cautioned about potential regressive and inflationary impacts of proposed taxes on petroleum and zero-rated products. Farooq emphasized that currency stability could lead to a gradual decline in inflation, potentially increasing expectations of future rate cuts and sustaining market optimism.

Tags: latestPakistanPakistan Stock ExchangePSX
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