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Tuesday, June 18, 2024  
11 Dhul-Hijjah 1445  

Shares at PSX gain over 200 points amid Pakistan-IMF talks

Benchmark index was trading at 75,296.77 in intraday trade
Screengrab via PSX website
Screengrab via PSX website

Shares at the Pakistan Stock Exchange’s (PSX) benchmark index gained more than 200 points amid the negotiations between Pakistan and the International Monetary Fund for a new bailout package.

According to the PSX website, the KSE-100 index gained 212.7 points to reach 75,296.77 levels at 11:57am against the previous closing of 75,084.00 levels.

The development comes as Pakistan and IMF hold talks for a “larger and bigger” loan package. On Monday, the two sides began policy-level talks.

The IMF mission is conducting a thorough review of Pakistan’s economic targets and performance. The mission is also expected to meet with Prime Minister Shehbaz Sharif this week.

The outcome of the policy-level negotiations would pave the way for a new IMF programme to support Pakistan’s economic recovery efforts.

The South Asian country has not shared the amount of loan it seeks from the Fund, but in February Bloomberg News reported the amount to be at least $6 billion. The country would seek to negotiate an Extended Fund Facility with the IMF, the report added.

According to the Topline Securities, Pakistan business confidence was at two-year high, signifying improving economic conditions, stability of the rupee against the US dollar, expectations of a decline in inflation, and anticipation of an interest rate reversal.

“The confidence index considers both current business confidence and expected business confidence, incorporating factors such as inflation, employment, and capacity utilization.”

On the first day of the business week, over 375 million shares were traded at the bourse, with a total value of Rs16.2 billion.

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