- The KSE-100 benchmark index crosses 43,000-mark.
- It rallies after rising optimism about IMF programme.
- During intraday trade, KSE-100 reaches 43,553.54 points.
KARACHI: Stocks rallied Monday following news of Saudi Arabia’s plans to renew the $3 billion deposit with Pakistan and the hopes of the International Monetary Fund programme’s (IMF) revival.
The KSE-100 benchmark index opened today’s trade at 42,857.57 points, while it went up by 695.97 points or 1.62% and reached 43,553.54 points by 2:33pm.
Capital market expert Muhammad Saad Ali said rising optimism around the resumption of the IMF programme and appreciation of the rupee have improved market sentiments.
“Note that the market was trading at multi-year low valuations of below 4x forward price-to-earnings prior to the recent run-up,” the capital market expert told Geo.tv.
Not only did the stocks rally during the intraday trade, but the Pakistani rupee also continued to strengthen against the US dollar for the tenth successive session.
The local unit further gained Rs2.49 after over a week of its uptrend, with the dollar trading at Rs213 after its depreciation during intraday trade in the interbank market.
More to follow…
