The Pakistan Stock Exchange (PSX) saw a bullish session on Wednesday, with the KSE-100 Index closing 764 points higher, ahead of the much-anticipated IMF Executive Board meeting.
The session began in a range-bound manner with the index fluctuating in both directions. However, a strong buying surge in the second half pushed the benchmark index above the 82,000 mark.
At the end of the session, the KSE-100 settled at 82,247.92 points, gaining 764.28 points or 0.94%. “Investor optimism ahead of the IMF board meeting largely fueled this uptick,” noted Ismail Iqbal Securities.
Prominent stocks such as MCB, OGDC, NBP, UBL, and BAHL contributed significantly to the rise, adding 373 points to the overall increase, according to Topline Securities’ post-market report.
This comes after Tuesday’s selling pressure, which saw the KSE-100 fall by 367 points.
The IMF’s Executive Board is expected to review Pakistan’s 37-month Extended Fund Facility (EFF) worth approximately $7 billion on Wednesday. This follows the July 12 staff-level agreement between Pakistani authorities and the IMF team.
In global markets, Asian stocks extended gains as China implemented another interest rate cut, following a series of measures aimed at boosting its struggling economy. Meanwhile, the Pakistani rupee remained stable, depreciating by just 0.02% against the US dollar, closing at 277.85.
Trading volume on the all-share index increased to 422.16 million from 369.62 million shares on Tuesday, with Kohinoor Spinning leading with 51.89 million shares traded. A total of 437 companies were traded, of which 248 registered gains, 126 saw losses, and 63 remained unchanged.
