Equities extend gains on agreement with IMF

After posting its second-highest single-session gain of over 7,033 points the previous day, the Pakistan Stock Exchange (PSX) experienced a volatile session on Wednesday. However, the benchmark KSE-100 index managed to rise by 210.36 points, closing at 165,686.38, supported by value-hunting and optimism surrounding the staff-level agreement (SLA) reached with the International Monetary Fund (IMF). The session was marked by significant fluctuations, with the KSE-100 reaching an intraday high of 167,561 before dipping to a low of 165,357. This volatility followed profit-taking after the sharp rally in the prior session. Investor sentiment was initially lifted by news of the agreement between Pakistan and the IMF on the second review of the $7 billion Extended Fund Facility (EFF) and the first review of the $1.3bn Resilience and Sustainability Facility (RSF).