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After turning in a depressed performance for three consecutive sessions, bulls returned to the trade floor at the Pakistan Stock Exchange (PSX) as shares gained more than 500 points intraday trade.
The benchmark KSE-100 index gained 505.63, or 0.72 per cent, to stand at 71,163.27 points at 10:44am from the previous close of 70,657.64.
Tahir Abbas, head of research at Arif Habib Limited, observed, “The market is gaining momentum after correction of 3pc during the last 3 days.”
He added that the investors “were optimistic” regarding the new International Monetary Fund (IMF) programme and the upcoming “investor friendly budget”.
A US department spokesperson on Thursday highlighted the robust US support for Pakistan’s endeavours and extended support for the country’s efforts with the IMF when a journalist questioned the US rationale for helping Islamabad rebuild its economy.
“When it comes to efforts to stabilise its economy, we support those efforts, including reaching an agreement with the IMF,” said the US official while rejecting the suggestion that Pakistan may use the funds for its missile programme.
Yousuf M Farooq, director of research at Chase Securities, attributed the bullish momentum to the news of Saudi delegation’s visit to the country.
He also highlighted that the lower inflation numbers have led to an “improved sentiment in market after a correction over the past few days”.
Previously, data from Pakistan Bureau of Statistics (PBS) showed that the country’s consumer price inflation slowed to 17.3pc in April.
More to follow
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