Shares at PSX rally 1,000 points amid expectations of smooth IMF review

Bulls regained their control of the trading floor at the Pakistan Stock Exchange (PSX) on Thursday as shares gained more than 1,000 points. The benchmark KSE-100 index gained 1,009.70 points, or 0.89 per cent, to stand at 115,094.23 points from the last close of 114,084.53. Mohammed Sohail, chief executive of Topline Securities, said that investors were buoyed amid expectations that the International Monetary Fund (IMF) review “will be passed smoothly with old circular debt issue to be resolved with the support of banks”. Sana Tawfik, head of research at Arif Habib Limited, attributed the bullish momentum to Moody’s changing the country’s banking outlook to positive.