The Pakistan Stock Exchange (PSX) achieved a new milestone by surpassing the 54,000 mark on Tuesday, driven by optimism surrounding ongoing discussions with the International Monetary Fund (IMF).
The KSE-100 index extended its bullish trend for the third consecutive day, recording a gain of 417.69 points or 0.78% during intraday trading, reaching 54,278.05 points.
Samiullah Tariq, Head of Research at Pakistan-Kuwait, noted that factors such as expectations of a reduction in the monetary policy rate and robust company profitability contributed to the KSE-100’s upswing.
Additionally, the anticipation of upcoming general elections fueled investor confidence in the hope of achieving much-needed political stability in the country.
The IMF is currently conducting a review mission in Pakistan to complete the first review under the $3 billion loan program, with the possibility of releasing the second tranche of $700 million by December 2023 if a staff-level agreement is reached by the end of the discussions.
The day before, the PSX had gained 737.33 points or 1.39%, closing at 53,860.37 points.
