KARACHI, (TDI): The Pakistan Stock Exchange (PSX) extended its positive momentum on Friday, as investor sentiment was buoyed by reports of progress in ongoing negotiations with the International Monetary Fund (IMF).
The benchmark KSE-100 Index saw a strong surge, rising by 594 points to reach a record high of 94,786 points, surpassing the previous peak of 94,068 points.
The upward trend began early in the trading session, with the index showing steady gains throughout the day.
This rally reflects growing investor optimism surrounding a potential agreement with the IMF, which is expected to provide fiscal stability and economic support for Pakistan.
Experts cited lower interest rates and a controlled trade deficit as key factors contributing to the positive market sentiment.
The IMF’s mission chief, Nathan Porter, is currently leading a five-day official visit to Pakistan to review the country’s economic reforms.
On Wednesday, the IMF and Pakistan’s economic team reached an agreement that there would be no mini-budget or new general sales tax on petroleum products.
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Additionally, sources revealed that the government has committed to collecting agricultural taxes starting next year.
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The IMF team was also briefed on Pakistan’s gross financing needs and debt maturity, with detailed discussions on managing domestic debt during the ongoing negotiations.
