Bullish momentum continued at the Pakistan Stock Exchange (PSX) on Wednesday as shares gained over 400 points after Pakistan and the IMF reached a staff-level agreement.
The KSE-100 index started on a positive note after the bell, climbing more than 400.04, or 0.61 per cent, to stand at 65,902.63 points from the previous close of 65,502.59.
Mohammed Sohail, chief executive of Topline Securities, attributed the upward trajectory to the “massive buying yesterday by the insurance sector”, adding that the International Monetary Fund (IMF) approval helped propel sentiments.
Yousuf M. Farooq, director of research at Chase Securities, observed that the positive momentum was “in line with with expectations”.
He added, “Market participants were expecting a smooth review with the IMF after the appointment of the new finance minister and the completion of all targets.”
Meanwhile, most Pakistan dollar bonds were trading higher on Wednesday after the deal was announced.
The 2027-maturing bond was up 0.25 cents at 83.957 cents on the dollar while the 2025 bond which was up 0.21 cents at 92.023 cents on the dollar.
More to follow
Additional input from Reuters