ISLAMABAD: The Pakistan Stock Exchange (PSX) surged past the 165,000 mark for the first time ever, with analysts attributing the record high to expectations of the next International Monetary Fund (IMF) tranche and investment from Saudi Arabia.
The benchmark KSE-100 index rose by one percent or 1,645.90 points to close at 165,493.58 points as compared to the previous close of 163,847.68 points, according to the PSX website.
“Stocks reached a new all-time high at the quarter end close as investor weigh upbeat US-Pakistan relations and expected release of IMF EFF tranche,” Ahsan Mehanti, Chief Executive Officer of Arif Habib Commodities, told Arab News.
The IMF mission is currently in Islamabad to hold the second review of its $7 billion External Fund Facility (EFF) and the first review of the $1.4 billion Resilience and Sustainability Facility (RSF) loan programs for the country.
Mehanti said the resolution of the Rs1.2 trillion circular debt issue and stability in the rupee also played a part in the bullish trend.
