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Tuesday, June 18, 2024  
11 Dhul-Hijjah 1445  

Shares at PSX gain more than 200 points in intraday trade

Benchmark index closed at 75,114 points
Screengrab via PSX website
Screengrab via PSX website

Shares at the Pakistan Stock Exchange’s (PSX) benchmark index gained more than 200 points in the intraday trade on Thursday amid the country’s negotiations with the International Monetary Fund for the new bailout package.

According to the PSX website, the KSE-1000 index gained 231.85 to reach 75,188.52 levels, appreciating by 0.31% against the previous closing of 74,956.67.

By the end of the day, the index selled at 75,114 points

Pakistan equities kicked off the day with the KSE100 index horsing around 75k psychological level by & large throughout the trading hours. However in the last hour of the session,

An inexplicable selling spree threw the benchmark index below the 75,000 zone to concede the day at 74,997 levels, going down by 250 points on Wednesday, the Topline Securities said in its report.

The brokerage house described the trading as a “muddled day”, saying that the “confounded market behaviour” could be ascribed to the absence of any positive trigger which could assist the market to keep on its off late north bound journey.

“Vibes from negotiations between Pakistan Government & IMF and anticipation of further austerity measures in the upcoming budget kept the investors at the bay as they opted to do some profit taking above 75k level.”

In order to secure a formal staff-level agreement with the International Monetary Fund for its next bailout programme, Pakistan has less than 40 days to complete a set of prior actions, mostly through binding parliamentary approvals and legislation.

According to a report published on Dawn, authorities and an IMF staff mission, led by Nathan Porter, have concluded their engagements covering critical sectors of the economy, including reforms in the power and gas sectors, state-owned entities, pensions, revenue mobilization, and monetary policy.

Pakistan’s financial year runs from July to June and its budget for fiscal year 2025, the first by Sharif’s new government, has to be presented before June 30.

The IMF mission would be leaving on Friday without announcing an SLA, the official added.

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