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The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index opened in the green on Monday, gaining over 600 points in early morning trade.
According to the PSX website, the bourse witnessed an increase of over 450 points by 9:45am. At 10:40am, the index had reached 41,734.31 points, up 683 points, or 1.66 per cent.
The rally comes after the index crashed on Friday, losing over 2,000 points, or 4.8pc, in the morning session following the government’s announcement of a 10pc “super tax” on large-scale industries including cement, steel, sugar, oil and gas, fertilisers, LNG terminals, textile, banking, automobile, chemicals, beverages and cigarettes.
Salman Naqvi, head of research at Aba Ali Habib Securities, attributed today’s rally to a number of good news expected today. “Pakistan will hopefully receive a letter from the International Monetary Fund (IMF) today after which the loan agreement will be finalised,” he told Dawn.com.
The Chinese loan roll-over of $2.3 billion, he continued, had also been deposited which improved investor sentiment. “We are also in talks with Saudi Arabia regarding deferred oil payments,” Naqvi said.
