Pakistan Stock Exchange (PSX) carried a positive momentum on Monday (November 6 2023) amid the expectations of a successful review by the International Monetary Fund. Last week, a delegation of the global lender held the much-awaited loan review talks in Islamabad. The meeting has been said to set the stage for necessary reforms as the market set hopes for a successful IMF review.
During the early morning trade, the benchmark index at the PSX gained over 400 points from the previous close of 53,123.03. By the time market closed, the index gained 737.33 points or 1.39 per cent and ended the trading day at 53,860.36 points.
In 2023 (by November), the KSE-100 index has gained more than 30pc. The bullish trend occurred due to a $3 billion loan programme in July, approved by the IMF, to avert a sovereign debt default.
Arif Habib Corporation said that the announcement of general elections on February 8 2024, progress in projects under the China-Pakistan Economic Corridor, deliberations on the Special Investment Facilitation Council, and IMF review talks have played a vital part in the progression of PSX.
Similarly, Raza Jafri – Head of Equity in Intermarket Securities, attributed the growth to the hope of a successful IMF review.