Bulls dominated the Pakistan Stock Exchange (PSX) on Wednesday as the benchmark KSE-100 index rose by 764.27 points, or 0.94%, to close at 82,247.91 points. This, despite coming hours ahead of that much-awaited meeting of the Executive Board of the International Monetary Fund (IMF).
Market analysts believe that this rally is contributed by growing optimism surrounding the expected approval of the IMF’s $7 billion aid package, agreed in July. Falling secondary market yields and a controlled current account brought a sense of economic stability, Chase Securities director of research Yousuf M. Farooq said.
Finance Minister Muhammad Aurangzeb
Voiced optimism regarding the review of the Fund, and said the government is “very hopeful” to achieve a positive outcome. The Prime Minister, Shehbaz Sharif, said that the agreement is reaching its final stages as Pakistan has accepted all conditions. Some of the conditions were quite onerous.
Awais AshrafBulls dominated the Pakistan Stock Exchange (PSX)
On Wednesday as the benchmark KSE-100 index rose by 764.27 points, or 0.94%, to close at 82,247.91 points. This, despite coming hours ahead of that much-awaited meeting of the Executive Board of the International Monetary Fund (IMF).
Market analysts believe that this rally is contributed by growing optimism surrounding the expected approval of the IMF’s $7 billion aid package, agreed in July. Falling secondary market yields and a controlled current account brought a sense of economic stability, Chase Securities director of research Yousuf M. Farooq said.
Finance Minister Muhammad Aurangzeb
Voiced optimism regarding the review of the Fund, and said the government is “very hopeful” to achieve a positive outcome. The Prime Minister, Shehbaz Sharif, said that the agreement is reaching its final stages as Pakistan has accepted all conditions. Some of the conditions were quite onerous.
Awais Ashraf, director of research at AKD Securities said,
“The market move-up reflects optimism that the $7 billion loan approval will take place.” He further advised investing in high-dividend stocks and those which are likely to benefit from structural reforms going on in the country.
Investor optimism remains very high as the country awaits the decision by the IMF about approving loans totaling $7 billion. Investor optimism is high on the expectations of enhanced macroeconomic stability and prospects for growth in Pakistan., director of research at AKD Securities said, “The market move-up reflects optimism that the $7 billion loan approval will take place.” He further advised investing in high-dividend stocks and those which are likely to benefit from structural reforms going on in the country.
Investor optimism remains very high as the country awaits the decision by the IMF about approving loans totaling $7 billion. Investor optimism is high on the expectations of enhanced macroeconomic stability and prospects for growth in Pakistan.