Karachi, Pakistan – Web Desk: The Pakistan Stock Exchange (PSX) opened higher on Wednesday as investor sentiment improved on expectations of the International Monetary Fund (IMF) releasing the next tranche of its loan program.
The benchmark KSE-100 index stood at 168,846.76, up 434.53 points, or 0.26 percent, from the previous close of 168,412.23. During early trading, the index hit a high of 169,686.03.
Total trading volume reached 86.9 million shares, with a traded value of approximately 3.71 billion Pakistani rupees.
The uptick comes as the IMF has scheduled an Executive Board meeting for May 8 to consider the approval of a $1.2 billion tranche for Pakistan under the Extended Fund Facility (EFF).
According to an official IMF statement, the Board will review Pakistan’s performance under the EFF program. Approval is contingent upon the successful completion of the third economic review, which is expected to be endorsed during the meeting.
The Board will also take up the second review under the Resilience and Sustainability Facility (RSF), a program designed to help member countries address climate change challenges.
Pakistan and the IMF reached a staff-level agreement on March 27, paving the way for the upcoming Board consideration.
The previous session saw bearish momentum, with the KSE-100 losing 1,085.12 points (0.64 percent) to close at 168,412.23. Market capitalization declined to Rs 18.646 trillion from Rs 18.747 trillion a day earlier.
Out of 482 active companies, 168 advanced, 284 declined, and 30 remained unchanged.
Analysts say approval of the tranche would provide much-needed financial support to stabilize Pakistan’s economy and strengthen its external position. Investors remain cautiously optimistic ahead of the May 8 decision.
