Following a staff-level agreement between Pakistan and the IMF, shares of the Pakistan Stock Exchange (PSX) surged more than 400 points on Wednesday, indicating that bullish momentum was still present.
Following the bell, the KSE-100 index got off to a good start, rising more than 400.04, or 0.61 percent, to close at 65,902.63 points, up from 65,502.59 the previous day.
The International Monetary Fund (IMF) approval helped boost sentiment, according to Mohammed Sohail, chief executive of Topline Securities, who ascribed the upward trend to the “massive buying yesterday by the insurance sector.”
The positive trend, according to Chase Securities’ director of research Yousuf M. Farooq, was “in line with with expectations.”
“Market players were anticipating a seamless review with the IMF following the appointment of the new finance minister and the accomplishment of all targets,” he continued.
Wednesday saw a rise in the majority of Pakistani dollar bonds following the announcement of the sale.
The bond that matures in 2027 saw a 0.25 cent increase to 83.957 cents on the dollar, while the bond issued in 2025 saw a 0.21 cent increase to 92.023 cents on the dollar.
