Shares at PSX climb more than 900 points in intraday trade – Business

Bulls took control of the trade floor at the Pakistan Stock Exchange (PSX) as shares climbed more than 900 points on Thursday in intraday trade.

The benchmark KSE-100 index climbed 989.51 points, or 0.88 per cent, to stand at 113,243.27 at 11:56am from the last close of 112,253.76.

Yesterday, the sto­ck market had struggled as investor sentiment remained mixed due to a lack of positive triggers, forcing the benchmark KSE 100 index into the red zone on late profit selling.

Analysts had noted that the market fell shar­p­­ly lower in sympathy with a sell-off in Asian markets and a slump in global cru­de oil prices after the Tru­mp administration impo­sed tariffs on Canada, Mexico, and China, triggering a tariff war.

However, the finance minister’s com­­­ment that Pakistan was “well positioned” for the ongoing International Monetary Fund (IMF) review had provided some respite as it boo­s­t­­ed investor confiden­­ce, le­­ading to buying in ini­­­tial trading hours.

Finance Minister Muhammad Aurangzeb confirmed that the IMF and Pakistan had begun discussions on the first biannual review of the $7 billion programme, adding that the country was “well-positioned” for the talks.

Pakis­tan and the IMF had reached a three-year, $7bn aid package deal in July, with the new programme set to allow the country to “cement macroeconomic stability and create conditions for stronger, more inclusive and resilient growth”.

A nine-member mission from the IMF has began its first biannual review of Pakistan’s $7bn Extended Fund Facility (EFF).

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