Bulls rally on the trot as KSE-100 index reaches epoch-making 81,972 points
Business
The KSE-100 index reached all-time high amid hopes of IMF loan approval
KARACHI (Dunya News) – Buoyed by an expected funding nod from the International Monetary Fund (IMF) in its executive board's meeting scheduled to be held on Sept 25, the Pakistan Stock Exchange (PSX) continued to witness an upward trend for the third consecutive working day of the week.
The KSE-100 index reached 81,972 points after gaining more than 1,500 points during first half of the day.
It must be remembered that KSE-100 index had reached 81,939 points on July 19, 2024.
On the other hand, the greenback continues to depreciate against Pakistani rupee while trading at Rs277.90 in the interbank market after losing Rs0.13.
BULLS RULE STOCK MARKET
A day after the International Monetary Fund (IMF) included Pakistan in its executive board meeting, the bulls continued to rule the stock market on the second working day of the week.
After a day’s break of Eid-e-Milad, the KSE-100 index reached 80,549 points after gaining 1,058 points.
The Pakistan Stock Exchange witnessed an upward trend at the end of the first day of the business as the KSE-100 index stood at 79,491 points after gaining 159 points.
On the other hand, the US dollar continued to depreciate against the Pakistani rupee. The dollar price stood at Rs278 from Rs278.13 after losing Rs0.13 in the interbank trade.
IMF SEPT 25 EXECUTIVE BOARD MEETING
The International Monetary Fund (IMF) finally included Pakistan’s name in its executive board meeting. The global lender will review the new loan programme worth $7 billion for Pakistan on Sept 25.
Pakistan had sought assurances from various development partners to fill its financing gap worth $2 billion.
