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KSE-100 index gains over 850 points as IMF ninth review inches closer

Zain Aijaz by Zain Aijaz
January 25, 2023
in Business, Latest News, National, News, Top News
Reading Time: 1 min read
PSX in boorish trend for second consecutive day; benchmark KSE-100 index lost over 700 points
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The Pakistan Stock Exchange (PSX) experienced a positive trend on Wednesday as Pakistan is hopeful for the revival of the ninth review of International Monetary Funds (IMF) and attaining a cash inflow of $1.2 billion. The benchmark KSE-100 index gained 856.79 points (2.19 per cent) and reached 39,912.44 points.

Head of Research at Ismail Iqbal Securities, Fahad Rauf, said that the market was expecting the revival of the IMF programme as it would help Pakistan to avoid default. He added that production and exploration stocks showed better performance.

Meanwhile, the US dollar gained value against the Pakistani rupee after the unofficial cap was removed from the exchange rate by the Exchange Companies Association of Pakistan. In the open market, the dollar traded at Rs252.50 and Rs231.5 in the interbank market.

The cap was removed by the association to end the artificial demand for the dollar. Zafar Paracha, Secretary of the Exchange Companies Association of Pakistan, said that the decision has been taken in the national interest.

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Zain Aijaz

Zain Aijaz

Zain is a media student and a writer by passion. He is a certified creative writer from Wesleyan University and enthusiastically writes on non-fiction and political satire. He is vastly experienced in the field of theatre and has served as a theatre mentor across different institutions. Currently, he is a contributor at The Upcut and can be reached at zainaijazdehlvi@gmail.com

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