IMF tranche triggers fresh buying at Pakistan Stock Exchange
Pakistan Stock Exchange (PSX) on Tuesday witnessed bullish sentiments as investors rejoiced after the International Monetary Fund’s (IMF) Executive Board approved the disbursement of $1.2 billion tranche for Pakistan under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF), reported 24NewsHD TV channel.
A little before noon, the PSX’s benchmark KSE-100 index was hovering at 169,509.26, up 1,206.02 points, or 0.71%.
Out of 560 companies traded, the share prices of 293 companies increased, while 104 companies saw a decline, and 104 were unchanged.
Analysts attributed the positivity to the IMF board clearance, which unlocks about $1.2 billion, roughly $1 billion under the EFF and $200 million through the RSF for the South Asian nation, bringing total disbursements under the two arrangements to about $3.3 billion.
Buying interest was seen in keen sectors, including cement, commercial banks, fertilizer, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including HUBCO, MARI, OGDC, POL, PPL, MCB, MEBL, NBP and UBL, traded in the green.
Earlier on Tuesday, trading at the Pakistan Stock Exchange (PSX) ended on a positive note as bullish sentiment pushed key indices firmly into the green zone.
The benchmark KSE-100 index gained 1,217 points to close at 168,303, reaching a key psychological level by the end of the session.
During the day, the index touched an intraday high of 168,755 points, while the lowest level recorded was 167,386 points.
Investor participation stayed robust, with total trading volume reaching 769.7 million shares. The value of shares traded during the session exceeded Rs49 billion, reflecting renewed confidence among investors.
Market analysts noted a positive momentum in selective buying of index-heavy stocks, accompanied by improved investor sentiment, which is supported by expectations of economic stability and positive developments on the macroeconomic front.
Reporter: Kawish Memon