The PSX reaches 80,000 on hopes for an IMF deal

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The PSX reaches 80,000 on hopes for an IMF deal, In a shift to an optimistic mood on Friday, Pakistan’s stock prices took another blow as the country looked to secure a longer-term loan program from the International Monetary Fund (IMF). 

There has been a significant increase in the benchmark KSE-100 shares index of the Pakistan Stock Exchange (PSX) since it was launched over a decade ago – the highest number ever for the exchange. 

There were 80,059.87 points accounted for today in the intraday trade, a rise of 1,258.34 points compared to the 78,801.53 points accounted for yesterday at the close.

When asked by about the current state of the Pakistani economy following the budget announcement, Raza Jafri, the CEO of EFG Hermes Pakistan, stated that the post-budget rally continued with Fitch’s recent comments adding further support to the belief that Pakistan will be able to secure a new International Monetary Fund (IMF) program in the near future.

There is also a strong domestic liquidity level, with equities looking increasingly attractive given the monetary easing that has already begun, according to him.

Alpha Beta Core CEO and economic analyst, Shriram Schehzad, highlighted that both local and foreign portfolio investors have gained a higher level of confidence following the announcement of the FY25 budget, which paved the way for an expanded and longer IMF program.

The Head of Research at Arif Habib Limited (AHL), Tahir Abbas, said there is more optimism on the horizon for the markets, as investors are holding out for a new IMF program, a downward inflation trajectory, a more stable interest rate outlook and flows that are moving from fixed income to equity investments.

Timenews1 provided that news.

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