Excitement soared at the Pakistan Stock Exchange (PSX) as bulls pushed shares up by more than 600 points on Wednesday. The benchmark KSE-100 index surged by 0.79%, reaching 80,119.27 points, driven by optimism regarding the IMF Executive Board’s approval of a $7 billion Extended Fund Facility for Pakistan.
Investors are also buoyed by improvements in key economic indicators, including a decline in oil prices and the State Bank of Pakistan’s decision to slash its key policy rate by 200 basis points to 17.5%. The market is also responding positively to news of a $2 billion loan from the Asian Development Bank and expectations of inflation staying below 8% in September.
Market experts believe the ongoing rally is supported by factors such as Mari Petroleum Company Limited’s strong performance and positive sentiment surrounding the IMF’s board meeting. Despite concerns about FTSE rebalancing, experts predict a continued positive outlook with foreign selling related to rebalancing expected to conclude soon.
Stay tuned for more updates on this bullish trend in the stock market!
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