PSX hits fresh peak on IMF deal

Pakistan Stock Exchange (PSX) skyrocketed to an all-time high on Monday in a robust rally driven primarily by Pakistan’s agreement with the International Monetary Fund (IMF) on a $7 billion Extended Fund Facility (EFF) at the weekend as well as the ongoing earnings season. The day commenced with a spike in the KSE-100 index, which was also supported by the anticipated reduction in the State Bank of Pakistan’s (SBP) policy rate, progress in resolving the energy sector circular debt crisis, increased remittances and stability of the Pakistani rupee. Notably, the exploration and production (E&P) sector saw significant gains following a major oil and gas discovery at Jhandial-3. As a result, the market reached a remarkable intra-day high of 81,428.43 points. However, the index settled at a lower level than the day’s high.