PSX Gains Over 1,000 Points Amid IMF Talks

The Pakistan Stock Exchange (PSX) rallied in today’s vibrant trading session with a 1,000-point gain on the commencement of Pakistan’s much-anticipated bailout talks with the International Monetary Fund (IMF) this week. After opening trade at 64,048 points, the market showcased bullish sentiments, with the benchmark KSE-100 index gaining as much as 1,157 points or ~2 percent after rising to a high of 65,205 points within the first two hours of the opening bell. The benchmark KSE 100 index closed at 65,064, up by 1,015 points or 1.6 percent from Wednesday’s close of 64,048. The KMI 30 index surged by 2,373 points closing at 110,496, meanwhile the KSE All share index jumped by 703 points settling at 43,263. Today’s gains come amid first round of talks between Pakistani authorities and the International Monetary Fund (IMF) review mission that started today. Pakistan has so far adhered to IMF conditions regarding tax exemptions and amnesty, maintaining stability in the currency exchange rate with a consistent 1.25 percent margin between interbank and open market rates. Analysts see a possible staff-level agreement next week to propel the equities market further into green territory. Also, forecasts and gossip of monetary ease after next week’s meeting on the central bank’s key interest rate have strengthened investor optimism. The highest participation was witnessed in Worldcall Telecom Limited (PSX: WTL) with over 42 million shares traded, followed by Cnergyico PK Limited (PSX: CNERGY) and Kohinoor Spinning Mills Limited (PSX: KOSM). The scrips had 36 million shares and 19.3 million shares traded, respectively.