February 8, 2023
Business

Pakistan moves closer to the IMF programme, sending PSX soaring

Pakistan moves closer to the IMF programme, sending PSX soaring

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) increased by about 900 points during Wednesday’s intraday trade as Islamabad fulfilled the final need to restart the International Monetary Fund’s (IMF) loan programme.

By 1:10 p.m., the benchmark KSE-100 index had risen by 895.43 points to reach 41,087.04 points. It had started the day at 40,191.61 points. Additionally, when investors took on new holdings, positive financial results, rupee appreciation versus the US dollar, and an anticipated drop in oil import bills fueled the bullish trend.

Dr. Khaqan Hassan Najeeb, an economist and former counsel to the federal ministry of finance, advised investors to keep in mind that corporate earnings are the true factor influencing share prices. The macroeconomic fundamentals of the nation, he continued, “but more recently, have been dominating in driving the PSX lower,” adding that as the nation moves closer to an IMF plan, investor confidence may return to the PSX.

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