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

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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