PSX registers hefty gains following IMF agreement

KARACHI : Hours after the International Monetary Fund (IMF) and the Pakistani authorities reached a staff-level agreement on the first review under Pakistan’s Extended Fund Facility (EFF) and on a new arrangement under the Resilience and Sustainability Facility (RSF), the Pakistan Stock Exchange (PSX) gained momentum as the benchmark KSE-100 Index gained more than 1,300 points during the opening hours of trade on Wednesday. The bulls rallied swiftly following the staff-level agreement with the global lender, with the KSE-100 Index hovering at 118,220 points.
According to market analysts, a recent research conducted by the Oil and Gas Development Company (OGDC) and the Pakistan Petroleum Limited (PPL) over the feasibility of the Reko Diq project in Balochistan also sent positive signals to the investors. Extensive buying was witnessed in key sectors including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery.