- PSX closes at 70,314.71 points on Tuesday.
- Analyst says market hopeful of new IMF deal.
- Also attributes the gain to high remittances.
KARACHI: The Pakistan Stock Exchange (PSX) reaches historic milestone as the benchmark index crossed the 70,000 mark on Tuesday on factors including hopes of a new International Monetary Fund (IMF) deal.
The benchmark KSE-100 index gained 694.73 points or 1% during the intraday trading to reach at 70,314.71 points, up from the previous close of 69,619.98 points.
Samiullah Tariq, the head of research at Pak-Kuwait Investment Company, told Geo.tv that market is hopeful of a new IMF deal.
He also attributed the gain to high remittances and expectations of good company results to be announced for the March end quarter.
Remittances sent home by overseas workers have surged 31.27% month-on-month (MoM) to $2.95 billion in March, compared to $2.25 billion in the previous month, the latest data issued by State Bank of Pakistan (SBP) revealed on Monday.
This significant increase in the remittances can largely be attributed to Ramadan inflows, which traditionally witnesses a surge because expats send extra money home for the Eid expenses.
Arif Habib Limited (AHL) in a note said remittances increased by 16% year-on-year (YoY) to $3 billion — highest monthly inflows after April 2022 — during March 2024 compared to $2.5 billion in March 2023.
