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Friday saw bulls dominate the Pakistan Stock Exchange PSX shares rise by over 900 points after the IMF signaled its willingness to work with the new administration.
The PSX website said the KSE-100 index finished at 62,815.81 points, up 901.47 points, 1.46 percent from 61,914.34.
The IMF said today it looks forward to working with the new administration on “macroeconomic stability and prosperity for all of Pakistan’s citizens”.
Shahab Farooq, research director at Next Capital Limited, said equities continued to rise as the country “progressed towards the formation of the new government, along with the IMF’s willingness to negotiate a new program with the newly elected government”.
He added the market also anticipated the finance minister’s appointment.
He said the market will carefully watch the government formation, “reactions of the opposition,” the final assessment of the Stand-By Arrangement (SBA) with the Fund, and the following monetary policy pronouncement.
Akseer Research director Awais Ashraf agreed.
It suspended Russia’s participation in the body last year and said its members are taking proactive measures to protect the global financial system given Moscow’s growing financial links to countries subject to FATF countermeasures. He added the development would enable the next IMF plan.
Furthermore, political stability appears on track,” Azeem told Dawn.com, noting that Punjab MPAs-elect had taken oath earlier today and the Sindh Assembly’s first session had been called.
He said the KSE-100 traded 197 million shares, up 15% from the previous day.
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