Prime Minister Shehbaz Sharif on Monday congratulated the nation on today’s massive rally at Pakistan Stock Exchange (PSX) as business activities resumed as usual after the Eid ul Adha holidays.
The premier said investors and the business community were regaining confidence with PSX showcasing mammoth growth after the opening bell.
The benchmark KSE-100 index surged by 2,446 points to 43,899 today in response to Pakistan’s staff-level agreement with the International Monetary Fund (IMF) last week.
Earlier today, Finance Minister Ishaq Dar took to Twitter after a massive PSX rally, highlighting key macros while also mentioning the improvement in PKR/USD parity.
AlhamdoLilah—Mubrook
1. CPI Inflation clocks in@29%:
As per the data released by PBS, CPI inflation for Jun’23 clocked-in at 29.4% compared to 38% YoY for May’23.2. PSX added 2,334 points in KSE100 index by 1pm.
3. Pak Rupee vs Dollar in open Market @270/272.
— Ishaq Dar (@MIshaqDar50) July 3, 2023
Pertinently, Pakistan stocks surged the highest in almost 3 years in response to the $3 billion loan deal with the IMF, offsetting default projections and putting off risks pertaining to liquidity shortfalls in the remaining six months of 2023.
The IMF deal, which comes after an eight-month delay, offers some relief to Pakistan, which has been grappling with a severe balance of payments crisis and declining foreign exchange reserves.
Suspending trade at 43,899, the benchmark KSE-100 index rose 5.9 percent today, while more than 75 equities closed at 7.5 percent or higher. This covers index equities with approximately 40 percent weight and signals higher gains at PSX tomorrow.
