Pakistan Stock Exchange Rises Past 76,000 as Hope Returns

Fri May 24 2024
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KARACHI: Pakistan Stock Exchange (PSX) has rebounded and crossed the 76,000-point mark on Thursday, sustained by positive sentiment as investors expected an imminent reduction in policy rate and progress on addressing the circular debt crisis under a new International Monetary Fund programme.

In a mixed session, the KSE-100 index has started the day on a lacklustre note and declined to the intra-day low at 75,263.06 points in the first hour. Investors expressed hope the circular debt challenge would be resolved soon. As per media reports, fertiliser, power and E&P sectors made a positive contribution with Oil and Gas Development firm, Fauji Fertiliser Company, K-Electric, and Hub Power collectively adding 900 points.

The development takes place as Pakistani officials and the International Monetary Fund (IMF) have also made “significant progress” towards reaching a staff-level deal on a new programme, the IMF said on Friday.

The IMF mission, which concluded its tour on May 23, was in Islamabad to discuss Pakistan’s pursuit of a longer and larger Extended Fund Facility, local media reported.

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