ISLAMABAD: The Pakistan Stock Exchange (PSX) witnessed a bullish trend on Monday with the KSE-100 benchmark gaining by over 2,436.69 points, which financial analysts attributed to optimism from investors after Pakistan’s recent ceasefire agreement with Afghanistan and its staff-level agreement with the International Monetary Fund (IMF).
As per details shared by the PSX, the KSE-100 index gained over 2,400 points or by 1.49 percent to close at 166,242.90 on Monday. The stock market closed at 163,806.2 points when trading last ended on Friday.
Positive investor sentiment dominated the market a day after Pakistan and Afghanistan signed a ceasefire agreement in Doha. The two countries had indulged in fierce clashes earlier this month that left dozens dead and triggered border closures between the two states.
“Bullish activity witnessed amid reports of ceasefire in cross-border conflict with Afghanistan and the IMF staff-level deal for the release of IMF tranche,” Ahsan Mehanti, the chief executive officer at Arif Habib Commodities, told Arab News.
The IMF and Islamabad last week reached a staff-level agreement for the second review of the lender’s 37-month Extended Fund Facility program and for the first review of its 28-month Resilience and Sustainability Facility package for Pakistan.
