KARACHI (Web Desk) – Pakistan’s stock market witnessed strong bullish momentum on Tuesday after the International Monetary Fund (IMF) approved a $1.2 billion tranche for the country, restoring investor confidence.
During early trading on the second day of the business week, the Pakistan Stock Exchange (PSX) surged by more than 1,000 points, pushing the KSE-100 Index to an intraday high of 169,601 points. By the close of trading, the benchmark index settled at 169,456 points, registering a net gain of 1,153 points.
Buying activity was mainly observed in key sectors including cement, commercial banks, fertilizers, oil and gas exploration companies, oil marketing companies (OMCs), power generation firms, and refineries. Major stocks such as Hub Power Company (Hubco), Mari Petroleum, Oil and Gas Development Company (OGDC), Pakistan Oilfields (POL), Pakistan Petroleum Limited (PPL), MCB Bank, Meezan Bank, National Bank of Pakistan (NBP), and United Bank Limited (UBL) traded in the positive zone.
Market analysts attributed the rally to the IMF Executive Board’s approval, under which Pakistan received nearly $1.2 billion.
This includes around $1 billion under the Extended Fund Facility (EFF) and $200 million under the Resilience and Sustainability Facility (RSF). With this latest disbursement, total IMF payments to Pakistan under these facilities have risen to approximately $3.3 billion.
It may be noted that in the previous trading session, the KSE-100 Index had closed at 168,303 points.
