Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index jumped past the 47,000 mark on Thursday to a 21-month high after gaining 400 points.
The market saw an increase of 421.96 points at 12:36am, rising from Wednesday’s closing of 46,779.74 points to reach 47,104.48 points.
According to Arif Habib Corporation, the KSE-100 index had crossed the 47,000 mark after 21 months.
KSE100 crossed 47k level after 21 months
KSE-100 index went up by 521 points (47,204 pts, +1.12%, on intraday basis) DoD ; the 47k level crossed after ~21 months (last seen on Nov 08, 2021).
The market gained 5,751 points (+13.9%) since staff level agreement with the IMF for… pic.twitter.com/YdlYRfKJLc
— Arif Habib Limited (@ArifHabibLtd) July 27, 2023
It further said that the market gained 5,751 points (+13.9pc) since the government reached a standby agreement with the International Monetary Fund (IMF) on June 30.
The economists attributed the surge to an increase in investor confidence, driven by expectations of a smooth transition of power to the “new government”.
It is pertinent to mention here that the IMF executive board approved the bailout loan program of $3 billion this month after months of delay, boosting Pakistan’s financial stability ahead of elections this year. Fitch Ratings upgraded Pakistan this week on the improving funding environment.
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