- Kse-100 ends at 117,772.31, up 1,139.15 points, or 0.98%.
- An intra -day summit of 118,220.88, won 1,189.22 points, or 1.36%.
- Intraday low of 117,178.23, up 545.07 points, or 0.47%.
The capital market experienced a solid bullish rally on Wednesday, driven by the staff agreement between Pakistan and the International Monetary Fund (IMF) on the current rescue package, as well as a new $ 1.3 billion agreement.
The KSE-100 index of the Pakistan Stock Exchange (PSX) won 1,139.15 points, or 0.98%, to settle at 117,772.31 at the end of the session.
The index affected an intraday summit of 118,220.88 and a minimum of 117,178.23, reflecting a session driven by the optimism of investors as a result of key economic developments.
“The IMF journal is the main positive trigger,” said Sana Tawfik, research manager at ARIF Habib Limited. “We have seen the market respond with a gain of more than a thousand points. OGDC and PPL announcing the completion of the feasibility study on Reko Diq, also supported the feeling, but overall, it is led by the IMF. ”
The IMF announced that it had concluded an agreement on the level of staff with Pakistan for the new arrangement of resilience and sustainability of 28 months (RSF) and also completed the first examination of the 37 -month extended fund (EFF).
The fund has recognized Pakistan’s progress in restoring macroeconomic stability despite global challenges and stressed that the new arrangement would help tackle vulnerabilities related to climate. After approval of the board of directors, Pakistan will receive an immediate branch of $ 1 billion, which increases total disbursements to $ 2 billion.
The Reko Diq project added additional momentum to energy and exploration actions. The OGDC has announced the completion of an updated feasibility study, revealing a lifespan of 37 years and an investment plan of $ 5.6 billion for phase 1, which should start in 2028. The estimated total production includes 13.1 million tonnes of copper and 17.9 million ounces of gold.
Meanwhile, Pakistan’s economic data remains mixed. The Ministry of Finance provides that IPC inflation increases to 2 to 3% in April from 1 to 1.5% in March. Inflation was recorded at 1.5% in annual shift in February, down 23.1% in February 2024.
The petroleum sector continues to fight under the weight of an exemption from the sales tax introduced in the 2024 finance law. The industry estimates that the combined losses of the 35 billion rupees project, with refineries and oil marketing companies struck by their inability to claim the input tax.
The new Minister of Petroleum has not yet participated in industry players, and concerns persist on delays in the refineries upgrading agreements with OGRA.
Tuesday, the PSX had already referred to a positive feeling, the KSE-100 ending 193.55 points, or 0.17%, at 116,633.17 points, against 116,439.62 points recorded in the last session. The highest index of the day remained at 116,904.55 points, while the lowest level was recorded at 115,877.88 points.