Bulls stage 801-point rally on IMF optimism

The Pakistan Stock Exchange (PSX) extended its bullish spell to a fourth straight session on Tuesday, helping the benchmark KSE 100 index breach another barrier of 117,000 thanks to optimism related to the IMF’s positive review of the economy. Topline Securities Ltd said the bulls dominated the session, propelling the benchmark index to an intraday high of 1,002 points before settling at 117,001, up 801 points or 0.69 per cent day-on-day. The positive sentiment was primarily driven by encouraging economic developments. According to news reports, the IMF has permitted Pakistan to borrow Rs1.25tr ($4.5bn) from domestic banks to help manage the Rs2.4tr circular debt in the power sector without increasing public debt.