KARACHI: On Tuesday, the Pakistan Stock Exchange (PSX) showed some recovery on the back of pledges from the International community to provide $10 billion to Pakistan for flood victims. At 12:24 PM, the benchmark KSE-100 index gained 357.66 points and reached 40,862.42 points.
Ahsan Mehanti of the Arif Habib Corporation attributed the gains to the positive response of the Geneva conference and hopefully a green signal from the International Monetary Funds (IMF) on the ninth review.
Salman Naqvi, Head of Research at Ali Habib, added that the climate resilience conference uplifted the confidence of investors. Siddique Dalal, CEO of Dalal Securities, said that the plan from Saudi Arabia and the result from conference are good news.
He added that Pakistan would not default and get breathing space in the upcoming six months. However, he believed that until the ninth review of the IMF is completed, the market will remain range-bound.