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Shares at the Pakistan Stock Exchange traded in the green for a second consecutive session on Friday, following the International Monetary Fund’s (IMF) Executive Board successfully concluded the first review of Pakistan’s economic reform programme.
According to the PSX website, the KSE-100 index gained 565.79, or 0.88 per cent, at 10:56am to stand at 65,183.35 from the previous close of 64,617.56.
Mohammed Sohail, chief executive of Topline Securities, credited the bullish momentum to the IMF board meeting, adding that the “hint in their statement on lower inflation” bolstered positive sentiments today.
Faran Rizvi, head of equity sales at JS Global, echoed the same sentiments: “The long-awaited approval news from the IMF board for the next tranche has finally arrived, satisfying the market’s anticipation.”
He noted the index showed “potential for reaching a new high around 70,000, providing optimism for investors”.
However, he cautioned that the current crisis in the Middle East remained a significant factor that could impact oil price stability, posing concern for the economic outlook of the country.
A day earlier, the IMF board had completed its first review of Pakistan’s economic reform programme supported by a $3 billion Stand-By Arrangement (SBA) and allowed the immediate disbursement of $700 million.
This latest disbursement will bring the cumulative total under the arrangement to an impressive $1.9 billion. The financial support provided by the IMF propels global confidence in Pakistan’s commitment to implementing economic reforms.
More to follow
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