Stocks recover 808 points on late buying

The Pakis­tan Stock Exchange (PSX) experienced a tumultuous session on Tuesday. Trading began in the red as nervous investors continued to cut their positions due to various political and economic concerns, which pushed the benchmark index below the 113,000 barrier intraday. However, the news of the scheduling of the IMF Board meeting lifted market sentiments and helped the index partially recover overnight losses. Ahsan Mehanti of Arif Habib Corporation said the PSX turned bullish after reports of the IMF Executive Board meeting on May 9 to discuss the Staff-Level Agreement for the new $1.3 billion Resilience Support Fund and the first review of the $7bn Extended Fund Facility for approval of the $1bn disbursement.