PSX witnesses bullish trend as KSE-100 index gains 1016 points

KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday witnessed a bullish trend after the KSE-100 index gained 1016 points following remarks from an IMF official that Pakistan has fulfilled its last condition increasing the levy on fuel prices on July 31.

The KSE-100 index crossed the 41,000 barrier and traded at 41,208 after gaining 1016 points.

The rupee on Wednesday made a massive comeback against the US dollar in the interbank and open market, a day after the IMF said that the country has fulfilled its last condition of raising the levy on fuel prices.

According to forex dealers, the US dollar lost Rs9.58 today in the interbank against the rupee and traded at Rs228.80 while the banks are selling the greenback at Rs229.

In the open market, the US dollar traded at Rs225.50 after witnessing a reduction in value by Rs13.

The International Monetary Fund (IMF) on Tuesday confirmed that Pakistan has achieved all the set targets for the revival of the Extended Fund Facility (EFF) programme.

Exclusively talking to ARY News, International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending the levy on petrol.

Ruiz said the 7th and 8th reviews have been completed and the IMF Executive Board will meet in the third week of August.

Esther Perez hoped that Pakistan will take steps to narrow the funding gap till the board’s meeting.