KARACHI: The Pakistan Stock Exchange (PSX) on Monday achieved an unprecedented milestone by surpassing the 56,000 mark for the first time in history as investors displayed confidence in the outcome of favorable negotiations with the International Monetary Fund (IMF) delegation.
During intraday trading, the KSE-100 index reached 56,176.16 points, marking a substantial increase of 784.80 points or 1.42% compared to the previous closing figure of 55,391.36 points.
The IMF’s mission began its assessment of the bailout package for Pakistan on November 2 and is predicted to conclude the review process by December 15. The outcome of this review will determine whether Pakistan will be eligible to receive the second tranche of $700 million in December.
Notably, the country received the initial installment of $1.2 billion from the global lender in July as part of the standby arrangement.
In the last week, the benchmark index achieved a new milestone by surpassing the 55,000 thresholds, driven by the ongoing IMF review, increased domestic institutional investments, and the decline in Pakistan Investment Bond (PIB) yields.
For the week concluding on Friday, the benchmark KSE-100 index recorded a noteworthy gain of 4.3%, marking its eighth consecutive weekly increase.
