KARACHI: Stocks rose on Monday as a result of Saudi Arabia’s plans to renew its $3 billion deposit with Pakistan and renewed optimism for the International Monetary Fund (IMF) programme.
The benchmark index KSE-100 of the Pakistan Stock Exchange (PSX) opened today’s session at 42,857.57 points, but it rose by 695.97 points, or 1.62%, to 43,553.54 points at 2:33pm.
According to capital market specialist Muhammad Saad Ali, increased optimism about the beginning of the IMF programme and rupee appreciation have improved market mood.
“Recall that the market was trading at multi-year low valuations of less than 4x ahead price-to-earnings previous to the latest run-up,” the capital market said.Not only did stocks rise during intraday trading, but the Pakistani rupee strengthened versus the US dollar for the tenth consecutive session in the interbank market.
