At the start of trading immediately after Eid, the Pakistan Stock Exchange (PSX) has seen a huge boom, the 100 index rising by 5.47 percent caused the upper lock which was restored almost an hour later.
After the approval of the budget before the Eid holidays and the deal with the IMF, the Pakistan Stock Exchange saw an extraordinary boom on the first day of the week today.
At the beginning of trading, the 100 index has gained 2279 points, after which the index reached 43,721.
For five minutes in a row, the 100 index climbed up to five percent, due to which trading was stopped for an hour.
Investors’ confidence has increased on the positive developments related to the agreement between Pakistan and the IMF, due to which the market is witnessing a buying wave.
Investors expressed happiness over the staff-level agreement signed between Pakistan and the International Monetary Fund (IMF) on a nine-month standby arrangement over a nine-month standby arrangement.
The staff-level agreement is subject to approval by the IMF’s executive board, which is expected to be considered by mid-July.
It is seen as a significant development for the government, which was trying to achieve the ninth review of its previous bailout program, and was racing from pillar to post to secure dollar inflows amid rapidly depleting foreign exchange reserves.
On the first day of the trading week, investors raised a large number of stocks, due to which index heavy sectors including auto assemblers, cement, chemical, commercial banks, oil and gas exploration companies and OMCs were seen trading in the green.
