The Pakistan Stock Exchange (PSX) began the week on a strong note, surpassing the 81,000 mark, bolstered by the newly signed deal with the International Monetary Fund (IMF).
The KSE-100 index rose by 1276.91 points, or 1.6%, to reach 81,221.00 points, up from the previous close of 79,944.09.
Raza Jafri, chief executive of EFG Hermes Pakistan, remarked, “The market is responding positively to the staff-level agreement with the IMF, as it supports continued macroeconomic stability and reforms.”
He added that “investors might also be anticipating the upcoming monetary policy, expecting further interest rate cuts in the second half of 2024.”
Awais Ashraf, director of research at AKD Securities, shared similar views. He stated that the staff-level agreement with the IMF “has increased investor interest.”
“Sectors benefiting from structural reforms and monetary easing are likely to see the most gains in the coming days,” he emphasized.
