Pakistan stocks cross 72,000 milestone in historic first
KARACHI – Pakistan Stock Exchange (PSX) created another history on Wednesday as KSE-100 index crossed the 72,000 barrier for the first time in history amid hopes of new bailout package from the International Monetary Fund (IMF).
During early trading session, the KSE-100 reached 72,335 points, up 976 points from the previous day’s closing of 71,476 points.
Experts have also attributed the bullish trend in the Pakistan stocks to current account surplus, foreign investment and surge in IT exports.
The key performing sectors in the stock market include oil and gas, banks, fertilisers, and cement.
Earlier this week, Finance Minister Muhammad Aurangzeb has said that Islamabad is on track to secure a new loan from the International Monetary Fund.
In an interview with The National, the finance czar said: “The fund has been very receptive in terms of agreeing to consider a larger, longer programme.”
Pakistan has made a formal request to the IMF for another bailout package in the range of $6 to $8 billion under the Extended Fund Facility with the possibility of augmentation through climate financing.
However, the exact size and time-frame will only be determined after evolving consensus on the major contours of the next programme in May 2024.
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