With a notable increase of 999 points, the Pakistan Stock Exchange (PSX) began trading on Friday. This allowed the KSE-100 index to cross the 80,000-point threshold, which had been reestablished following recent economic developments.
At the beginning of Friday’s trade, the index hit 80,016 points. The anticipated completion of a deal with the International Monetary Fund (IMF), which has fueled market optimism, is primarily responsible for the optimistic trend.
The upward trend on the stock exchange was also attributed by analysts to a 2% decline in interest rates and a drop in the price of oil globally.
The stock market closed at 79,017 points at the end of the previous day’s trade.
September 25, the IMF’s Executive Board meeting is scheduled for this Thursday. It is possible that the meeting will approve Pakistan’s new loan package. During a press briefing, Julia Kozack, the Director of Communications at the IMF, verified this.
Focusing on a possible $7 billion loan package, Kozack claims that the IMF’s talks with Pakistan were effectively wrapped up in July. In the face of persistent fiscal constraints, the initiative seeks to support Pakistan’s efforts to promote economic reforms and stability.
Kozack emphasized the significance of the next meeting for the nation’s financial prospects when he said, “The IMF is expected to review and possibly approve the loan program for Pakistan during the board meeting on September 25.”
However, as SBP Governor Jameel Ahmed revealed during an analyst conference that followed the recent monetary policy pronouncement, the State Bank of Pakistan (SBP) has made plans to address the nation’s external financial imbalance.
