Shares at PSX climb 800 points after IMF announcement

Bulls bounced back on the trading floor on Tuesday as shares at the Pakistan Stock Exchange climbed more than 800 points after a day of volatility. The benchmark KSE-100 index climbed 808.28 points, or 0.71 per cent, to stand at 114,872.18 from the previous close of 114,063.90. Awais Ashraf, director of research at AKD Securities, said, attributed the bull run to the announcement of the International Monetary Fund (IMF) Executive Board meeting “to approve a tranche of $1.3 billion for Pakistan under the Extended Fund Facility (EFF) and a new 28-month arrangement under the Resilience and Sustainability Facility”. Earlier, the IMF website confirmed that the Fund’s Executive Board will meet on May 9 to discuss the country’s staff-level agreement for a new $1.3bn arrangement under a climate resilience loan programme, along with the first review of Pakistan’s ongoing $7bn bailout programme.