The Pakistan Stock Exchange (PSX) maintained upward momentum on Friday on hopes of a favorable outcome following the end of talks with the IMF for the release of a $1 billion loan tranche, according to Pasar News.
During trading, investors showed confidence and participated, and the benchmark KSE-100 Index increased to 115,536 points, up 441.93 points or 0.38 percent on the final working day of the business week.
During trading, 435 businesses’ shares were exchanged for a total of Rs21.36 billion.
Earlier on Thursday, the PSX saw a strong bullish rise, with the benchmark KSE-100 index rising 1,162 points to its intraday high before ending at 115,094, for a 1,009-point gain (0.89%) by the close.
The most significant rise was seen in Hoechst Pakistan Limited, which jumped by Rs85.3 to Rs3,199.88 per share, followed by PIA Holding Company Limited B, which increased by Rs64.22 to Rs928.47. Unilever Pakistan Foods Limited saw a substantial decrease, falling by Rs122.4 to Rs23,217.2 per share, while Service Industries Limited declined by Rs36.15 to Rs1,383.77.
Experts feel that Moody’s Ratings’ upgrading of Pakistani banks is a crucial cause.
“We have changed our outlook on Pakistan’s banking system to positive from stable to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago,” according to the rating agency’s report.
On Friday, an IMF team led by Mission Chief Nathan Porter completed the first evaluation of the $7 billion Extended Fund Facility, which was secured last year.
The successful completion of this examination might result in the release of the next $1 billion loan tranche, so promoting economic stability.