KARACHI: Pakistan Stock Exchange (PSX) saw an upward trend as the KSE-100 index breached 46,000 points in the morning. The main reason behind this was positive news regarding disbursement of funds by the International Monetary Fund (IMF).
KSE-100 after opening in positive with support of selective buying in leading stocks moved up to reach 46,000 points mark adding 455 points at 11:55 am from the previous day close.
“The IMF’s fund release news is the only reason for the bull run today,” Khurram Schezad, CEO Alpha Beta Core, said in a phone interview from Karachi.
International Monetary Fund (IMF) approved the immediate disbursement of $ 500 million for Pakistan. “After reviewing Pakistan’s reform program supported by the IMF Extended Fund Facility, the Fund’s Executive Board approved the immediate disbursement of about US$500million for budget support.”
