The Pakistan Stock Exchange (PSX) saw a return to positive sentiment as the benchmark KSE-100 index rallied over 750 points during the session on Tuesday, even as investors focused on the revival of the stalled International Monetary Fund (IMF). Get your hopes up. ) program.
At around 12:05 pm, the benchmark index was at 40,636.62, up 765.35 points or 1.92%.
KSE-100 falls over 500 points after Peshawar blast
Across-the-board buying was seen in index-heavy sectors including automobiles, cement, chemicals, commercial banks, pharmaceuticals, oil and gas exploration companies and OMCs trading in the green.
Optimism returned after an IMF team led by Director Nathan Porter arrived in Islamabad on Tuesday.
The delegation will begin technical-level meetings, which will continue till Friday, followed by policy-level talks.
In the early part of the session on Tuesday, due to the IMF program as well as sentiment in the currency market, the rupee also gained ground.
Experts have termed the revival of the IMF program as vital for the economy, which is reeling under a major crisis.
In recent days, the government has loosened controls on the rupee to rein in the massive black market in US dollars in its bid to appease the international lender, a move that caused the currency to fall to a record low. .
Besides, petrol prices have been hiked while a mini-budget is also in the pipeline.
Arsalan Siddiqui, head of research at Optimus Research, said, “Pakistan has already taken several steps to meet the IMF’s prerequisites and the market expects the remaining steps to be taken during the talks with the international lender in the coming days.” ” business recorder,
“If the government takes the remaining measures, it will further raise expectations related to the revival of the programme,” he said.
According to analysts, the fall in the KSE-100 index on the opening day of the week with the Peshawar mosque suicide blast was one of the reasons behind the negative sentiment.
This is an intra-day update