The Pakistan Stock Exchange (PSX) witnessed a bullish trend on the first day of the trading week amid hopes that government of Pakistan and international lender IMF inched towards signing a crucial Staff Level Agreement (SLA).
The KSE-100 index reached 41,143.87 points after increase of whooping record 1,000 points.
As per PSX data portal, across-the-board buying was witnessed among index-heavy sectors including oil and gas, automobile assemblers, cement, chemical, commercial banks trading in the green.
Recently, Prime Minister Shehbaz Sharif met with Kristalina Georgieva—Managing Director of the IMF—at the sidelines of the Paris Summit. Also, the State Bank of Pakistan (SBP) on Friday announced to withdraw all restrictions on imports to facilitate the industrial sector. The National Assembly passed the Finance Bill 2023 that imposed Rs215 billion in additional taxes.
Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar eyed resuming the IMF Programme as cash-starved economy needed the crucial deal amid the scorching inflation and rise in cost-of-living due to record currency devaluation of Pakistani Rupee against the US Dollar and increase of POL prices.
