Stocks see bullish trend amid Pakistan-IMF talks
Business
Stocks see bullish trend amid Pakistan-IMF talks
KARACHI (Dunya News) - Bulls dominated the Pakistan Stock Exchange (PSX) on Tuesday after the arrival of the International Monetary Fund (IMF) delegation in Pakistan to discuss the revival of the stalled bailout package under the Extended Fund Facility (EEF).
The benchmark KSE-100 index jumped 636.20 points, or 1.6 per cent, to reach 40,567.24 points at 11:55am.
Accrding to a market analyst, share prices surged on hopes that the stalled IMF programme aimed at saving Pakistan from default would be revived after the delegation’s arrival in the country.
He was of the view that the prospects of reviving the IMF bailout package had brightened after the PDM government removed an unofficial cap on the USD-PKR exchange rate and allowed the local unit to devaluate along with increasing POL prices.
