Shares at PSX climb more than 1,400 points on IMF review optimism

Bulls took control of the trade floor at the Pakistan Stock Exchange (PSX) as shares climbed more than 1,400 points on Thursday. The benchmark KSE-100 index climbed 989.51 points, or 0.88 per cent, to stand at 113,243.27 at 11:56am. By 12:35pm, the index increased 1,253.77 points, or 1.12pc, to stand at 113,507.53 from the previous close. Finally, the index closed at 113,713.17, up by 1,459.41 points or 1.3pc, from the last close of 112,253.76. Yousuf M. Farooq, director research at Chase Securities, said that the market had reacted “positively” to media reports, which suggested that the International Monetary Fund (IMF) “may allow a downward revision in tax targets”. Finance Minister Muhammad Aurangzeb had confirmed that discussions between the IMF and Pakistan for the first biannual review of the $7 billion programme had begun, adding that the country was “well-positioned” for the talks.