Stocks at the Pakistan Stock Exchange (PSX) failed to maintain intraday gains on Friday and settled with a mere 20.07 points up from the previous close.
According to the PSX website, the KSE-100 Index reached 65,356.85 as of 10:29 am, marking an ascent of 732 points or an increase of 1.17%.
At 02:00 pm, when the trading session was suspended for a short period, the index was hovering at 65,093.24, with an increase of 475.68 points or 0.74% high.
But, bulls could not sustain their momentum and retracted to 64,637.63 level, gaining only 20.07 points or 0.03% as compared to the previous close of 64,617.57 points.
During the intraday trade, the trading floor buzzed with activity, as sectors such as cement, chemicals, commercial banking, oil and gas exploration, oil marketing companies, and refineries all saw their stocks climb.
As per market experts, the intraday upward trend and surge in investor confidence was backed by the decision of the Executive Board of the International Monetary Fund (IMF) which concluded the first review of Pakistan’s $3-billion Stand-By Arrangement (SBA) and approved a $700 million tranche for the country
The IMF’s Executive Board gave its nod to the first review of Pakistan’s economic reforms, a move that greenlights an immediate disbursement of SDR 528 million (approximately $700 million).
This latest tranche raises the total funds released under the SBA to SDR 1.422 billion (around $1.9 billion), signaling a strong endorsement of Pakistan’s financial stewardship.
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