PSX Gains Over 1,400 Points in First Hour of Trade Amid IMF Deal [Updated]

The Pakistan Stock Exchange’s (PSX) benchmark index KSE-100 on Monday hit an all-time high after crossing 81,000 points level within the first hour of trading as investors celebrated the staff-level agreement between Pakistan and the International Monetary Fund (IMF). The KSE-100 index surged by 1,436 points and touched an intra-day high of 81,380 points. The benchmark index closed at a new all-time high of 81,155, up 1.52 percent or 1,211 points. “Bullish momentum was observed at the KSE-100 after the International Monetary Fund (IMF) staff and Pakistani authorities reached a staff-level agreement on a 37-month Extended Fund Facility (EFF) Arrangement worth around US$7 billion. The index surged by over 1,000 points within minutes of opening,” said Waqas Ghani Deputy Head of Research, at JS Global. He added that the investors are viewing the IMF deal positively as the signing hints that everything is right on the track. The highest participation was witnessed in PIA Holding Company Limited (PSX: PIAHCLA) with over 35 million shares traded, followed by Pak Elektrok Limited (PSX: KEL) and Worldcall Telecom Limited (PSX: WTL). The scrips had 25.8 million shares and 24.9 million shares traded, respectively.