PSX Gains 232 Points After Encouraging IMF Statement 

The 100-Index of the Pakistan Stock Exchange (PSX) gained 232 points on Monday to close at 94,995.67 points as compared to 94,763.64 points on the last trading day.   A total of 765,206,618 shares were traded during the day as compared to 893,170,249 shares the previous trading day, whereas the price of shares stood at Rs. 23.924 billion against Rs. 30.811 billion on the last trading day.   As many as 457 companies transacted their shares in the stock market, 192 of them recorded gains and 220 sustained losses, whereas the share price of 45 companies remained unchanged.  In a note, brokerage house Topline Securities highlighted that the market maintained a positive trajectory, reaching an intraday high of 95,308 and a low of 94,620. Investor confidence was lifted by the encouraging IMF statement, it added.  Key contributors to the index’s upward movement included FFC, HBL, PSEL, SNGP, and LUCK, collectively adding 328 points. On the other hand, UBL, EFERT, and HUBC faced profit-taking, collectively dragging the index down by 164 points. Topline said.  It is pertinent to mention here that an International Monetary Fund (IMF) mission led by Nathan Porter visited Pakistan from November 12 to 15, 2024. In a statement after the visit, IMF highlighted that staff visits are a standard practice for countries with semi-annual program reviews and aim to engage with the authorities and other stakeholders on the country’s economic developments and policies and the status of planned reforms. “We are encouraged by the authorities’ reaffirmed commitment to the economic reforms supported by the 2024 Extended Fund Facility (EFF),” IMF said.