Bulls return to PSX as shares gain over 1,200 points

Following three consecutive sessions of subdued performance, bulls returned to the Pakistan Stock Exchange (PSX) as shares surged by over 1200 points, ARY News reported.

The benchmark KSE-100 index gained 1272.13, or 1.8 per cent, to stand at 71,929.77 points from the previous close of 70,657.64.

Experts noted that the market is regaining momentum after experiencing a 3% correction over the last three days.

The United States State Department Thursday had said that Washington’s support, for Pakistan’s efforts to stabilise its economy including reaching a deal with the International Monetary Fund (IMF), was “unwavering”.

“When it comes to efforts to stabilise its economy, we support those efforts, including reaching an agreement with the IMF,” said the department’s spokesperson, Matthew Miller.

“Our support for Pakistan’s economic success is unwavering and we will continue to engage with them through technical engagements as well as through our trade and investment ties, all of which are priorities of our bilateral relationship,” he stated.

It is pertinent to mention here that a mission of the International Monetary Fund (IMF) will arrive in Pakistan this month to discuss a new ‘long-term and larger’ loan programme, sought to help government repay billions in debt due this year.