Updated on
Summary
KSE stocks ended more than three percent higher on Friday on hopes the International Monetary Fund will approve an additional $4 billion in funding for the country next week. Friday's 3.06 percent jump in the Karachi Stock Exchange's (KSE) benchmark 100-share index helped the index post a rise of 7.8 percent for July as a whole, the biggest monthly rise since March, when it surged 19.7 percent. The index rose 229.17 points to close at 7,720.93, on turnover of 108.4 million shares. Dealers attributed the rise to reports quoting Shaukat Tarin, adviser to the prime minister on finance, as saying the IMF was likely to approve an additional $4.1 billion loan to Pakistan when its board meets on Aug. 7. Pakistan has requested the additional financing under the existing programme as insurance to help it cope with its economic crisis, and is also waiting for the third loan installment of roughly $850 million under the emergency programme launched last November.
