KSE-100 crosses 56,000 mark by gaining over 700 points during intraday trading.
Positive IMF talks push PSX to new highs. Pakistan Stock Exchange (PSX) on Monday skyrocketed to a new record as it crossed the 56,000 milestone for the first time in history as investors bet on the positive talks with the International Monetary Fund (IMF) delegation.
The KSE-100 index reached 56,176.16 points during the intraday trading, up by 784.80 or 1.42% from the previous close of 55,391.36 points.
Capital market expert Saad Ali told a private news channel that the market was extending last week’s gains as the International Monetary Fund (IMF) concluded technical talks without any issue.
“There are no signs of the IMF disallowing rate cuts,” he added.
Last week, the benchmark index set a new milestone after it jumped past the 55,000 barrier on the ongoing IMF review, domestic institutional buying and reducing Pakistan Investment Bond (PIB) yields.
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The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C.
It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability. Its stated mission is “working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”
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