On Friday, the Pakistan Stock Exchange (PSX) saw a significant boost, with the KSE-100 index jumping 999 points, pushing past the 80,000 mark for the first time in recent economic conditions.
The index opened at 80,016 points, driven by optimism surrounding the expected approval of a loan agreement with the International Monetary Fund (IMF).
The previous trading session had closed at 79,017 points.
In related developments, the IMF is likely to approve a new loan program for Pakistan on September 25, according to IMF Communications Director Julia Kozack. The proposed $7 billion package aims to bolster Pakistan’s economic reforms and ensure stability.
Analysts credited the surge in the market to a 2% interest rate cut and a decline in global oil prices, which have sparked positive investor sentiment.
State Bank of Pakistan (SBP) Governor Jameel Ahmed also confirmed that steps are in place to manage the country’s external financing needs, following the latest monetary policy update.