{"id":17541,"date":"2023-07-03T17:53:39","date_gmt":"2023-07-03T12:53:39","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=17541"},"modified":"2023-07-03T17:53:39","modified_gmt":"2023-07-03T12:53:39","slug":"bulls-take-charge-on-psx-after-pakistan-clinches-imf-deal","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/bulls-take-charge-on-psx-after-pakistan-clinches-imf-deal\/","title":{"rendered":"Bulls take charge on PSX after Pakistan clinches IMF deal"},"content":{"rendered":"

Pakistan Stock Exchange (PSX) Monday witnessed a bullish trend as the KSE-100 benchmark index crossed over 2,400 points after the government reached a consensus with the International Monetary Fund (IMF) on a bailout package.<\/p>\n

The index opened in the green zone and remained positive throughout the session before the trading was halted for an hour after the index hit its upper circuit limit of 5% at around 9:30am. The trading resumed at around 10:37pm.<\/p>\n

When the market opened today, after Eid holidays break, it surged a record\u00a02,231.1 points to\u00a043,683.78 points, rising more than 5%, which forced the suspension.<\/p>\n

As the trading resumed after an hour’s suspension, the benchmark index surged to 43,923.71 points \u2014 an increase of 5.96% or 2471.03 points \u2014 at around 11:20am.<\/p>\n

At the close of the trading, the market had gained\u00a02446.32 points \u2014 an increase of 5.9% \u2014 and closed at 43,899 points.<\/p>\n

Pakistan secured a badly-needed $3 billion short-term financial package \u2014 subject to approval by the IMF board in mid-July \u2014 on Friday, giving the South Asian economy a much-awaited respite as it teeters on the brink of default.<\/p>\n

Speaking to\u00a0Geo.tv<\/i>, Pakistan-Kuwait Head of Research Samiullah Tariq said the market is performing due to the IMF deal and the reduction of the uncertainty on the balance of payments front.<\/p>\n

The loan is a lifeline for Pakistan as it gives a nine-month roadmap to the nation, which is facing one of its worst economic and political crises on record.<\/p>\n

Ecohing Tariq, Arif Habib Limited’s Head of Research Tahir Abbas also said that the rally is primarily due to the staff-level agreement with the IMF.<\/p>\n

Read more:\u00a0PSX gains 44 points, closes at 38,831 points<\/a><\/strong><\/em><\/p>\n

When asked whether the rally would be short-lived, Abbas said: “No, the momentum and sentiment are very positive given now the country has an economic roadmap ahead for the next nine months.”<\/p>\n

The KSE-100 index had become the world’s cheapest equity benchmark, according to\u00a0Bloomberg<\/i>, as concerns regarding political turmoil and a risk of default had sent investors fleeing.<\/p>\n

Islamabad also faces a payment of $23 billion in external debt obligations during the fiscal year, which started in July \u2014 and is almost six times more than the State Bank of Pakistan’s $4 billion forex reserves.<\/p>\n

PM felicitates business community<\/h2>\n

In response to the surge, Prime Minister Shehbaz Sharif felicitated the business community and the nation.<\/p>\n

He said as a result of a staff-level agreement with the IMF, the trust of investors and the business community was rapidly reviving.<\/p>\n

In a statement issued by the PM Office, Shehbaz said the government’s continued struggle and prudent policies had started bearing fruits as signs of the country’s economic revival were rising.<\/p>\n

“We are resuming the journey of economic development and decline in the inflation rate from the point where Quaid Muhammad Nawaz Sharif had left,” he said.<\/p>\n

“Thanks to God, the country has been put on the path of development again, he said adding that after severe disappointments, a new sun of hope is rising again.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Pakistan Stock Exchange (PSX) Monday witnessed a bullish trend as the KSE-100 benchmark index crossed over 2,400 points after the government reached a consensus with the International Monetary Fund (IMF) on a bailout package. The index opened in the green zone and remained positive throughout the session before the trading was halted for an hour […]<\/p>\n","protected":false},"author":8,"featured_media":11988,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9],"tags":[443,5423,3460,3461,160,138],"class_list":["post-17541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-latest-news","tag-dollar","tag-ishaq-dar","tag-pakistan-stock-exchange","tag-psx","tag-imf","tag-pakistan"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/17541","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=17541"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/17541\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/11988"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=17541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=17541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=17541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}