PSX Gains Nearly 1,600 Points After Pakistan Secures IMF Lifeline

The Pakistan Stock Exchange (PSX) opened with a jump of 5.38%, or 1,587 points on Wednesday, the first session after the country achieved the International Monetary Fund (IMF) lifeline before Eid holidays. PSX benchmark spiked to 118,220 points in the opening moment at 9:15 am. At the time of filing, the KSE-100 index stood at 117,669, up 1,036 points or 0.89 percent. Pakistan today reached a staff-level agreement on the first review of its Extended Fund Facility (EFF) and a new arrangement under the Resilience and Sustainability Facility (RSF), with access to approximately $1 billion (SDR 760 million) under the EFF, bringing total disbursements under the program to $2 billion. Additionally, the new 28-month RSF arrangement will provide access to $1.3 billion (SDR 1 billion) to support Pakistan’s climate resilience and sustainability efforts. Top positive contribution to the index came from OGDC, WTL, PAEL, PSO, and PPL. A total of 38.6 million shares have traded so far, whereas the price of shares stood at Rs. 3.86 billion at the time of writing. This is an intraday market update.