According to Topline Securities, market sentiment was lifted by the government’s initiatives to address the power sector’s circular debt, although the Rs1.25 trillion deal still awaits final approval.

Additionally, the IMF termed the progress on Pakistan’s $7 billion loan programme as “strong,” despite the absence of a staff-level agreement (SLA).

The rally was fuelled by MARI, PSO, LUCK, OGDC, and SEARL, which collectively contributed 658 points to the index. However, FFC, EFERT, and HUBC dragged the market down by 200 points.

Read more

Shares at PSX gain around 800 points in intraday trade

KSE-100 index surges over 1,400 points in strong opening trade

Stocks retreat as investors book profits after two-day rally

Market participation remained robust, with 506 million shares traded, amounting to a turnover of Rs. 34 billion. PAEL topped the volume chart with 48 million shares changing hands.

Ahsan Mehanti of Arif Habib Corp noted that stocks gained following the IMF review, which showed significant progress towards an SLA for the release of over $1 billion under the Extended Fund Facility (EFF).

Speculation over the approval of a new $1 billion Climate Resilience Fund (CRF) program also boosted investor confidence, he said.

“IMF’s decision to lower the tax collection target for FY25 to Rs. 12.37 trillion, rising global crude oil prices, and a bullish trend in global markets played a key role in today’s rally,” Mehanti added.

Globally, most Asian markets also showed gains, bolstered by China’s new measures to stimulate domestic consumption, despite ongoing concerns about international trade tensions.