The Pakistan Inventory Change (PSX) continued its optimistic momentum on Monday on the again of the International Monetary Fund’s (IMF) letter of intent and different anticipated inflows.
In accordance with the PSX web site, the benchmark KSE-100 index gained 764.25 factors, or 1.78 per cent, to shut at 43,621.82 factors.
It reached an intraday excessive of 43,659.04 factors shortly earlier than the shut.
Head of Analysis at Intermarket Securities, Raza Jafri, stated the index opened on a powerful observe due to optimistic developments over the weekend together with the letter of intent (LOI) from the IMF and assurance of additional help from Saudi Arabia.
“The market is still quite cheap on valuations,” he added.
Ahsan Mehanti of Arif Habib Company attributed the bullish pattern to the rupee’s sturdy restoration and stories of renewal and an additional addition to a bundle from Saudi Arabia.
He additionally attributed it to the finance minister’s announcement of a $1 billion funding from the United Arab Emirates within the PSX in addition to the IMF’s letter of intent.
Finance Minister Miftah Ismail had informed media that an LOI had been acquired early on Friday from the IMF for the revival of the programme underneath the employees stage settlement (SLA) and memorandum of financial and financial insurance policies (MEFP) signed final month.
“We are going through the LOI, would sign and send [it] back to the IMF anytime soon and look forward to (executive) board meeting later this month for approval,” he stated.