Shares at PSX climb 200 points after staff-level agreement with the IMF

Bullish momentum continued at the Pakistan Stock Exchange (PSX) on Wednesday as shares gained over 200 points after Pakistan and the IMF reached a staff-level agreement. The KSE-100 index started on a positive note after the bell, climbing more than 400.04, or 0.61 per cent, to stand at 65,902.63 points from the previous close of 65,502.59. Finally, the index closed at 65,731.79, up by 229.20 points from the previous close. Mohammed Sohail, chief executive of Topline Securities, attributed the upward trajectory to the “massive buying yesterday by the insurance sector”, adding that the International Monetary Fund (IMF) approval helped propel sentiments. Earlier today, the IMF reached a staff-level agreement with Pakistan on the final review of a $3 billion bailout, where the country will receive $1.1 billion after approval from the Fund’s Executive Board in late April. “Pakistan’s economic and financial position has improved in the months since the first review, with growth and confidence continuing to recover on the back of prudent policy management and the resumption of inflows from multilateral and bilateral partners,” IMF’s mission chief, Nathan Porter, said in a statement.