Shares at PSX rally over 600 points on hopes of IMF staff-level agreement soon

Bulls maintained a hold of the trade floor at the Pakistan Stock Exchange (PSX) on Monday as shares gained over 600 points on expectations of a smooth International Monetary Fund (IMF) staff-level agreement (SLA). The benchmark KSE-100 climbed 1,027.32, or 0.89 per cent, to stand at 116,563.48 points from the last close of 115,536.16 at 1:01pm. Finally, the index closed at 116,199.59, up by 663.43 points or 0.57pc, from the previous close. Mohammed Sohail, chief executive of Topline Securities, observed that despite the SLA delay, the market “remained positive amid hope of resolution of old circular debt through banks funding”. According to a report by Arif Habib Limited, the government made major strides in resolving the power sector’s circular debt of Rs1.5tr.