IMF gave the green signal, the market rocketed, Pakistan’s stocks saw the biggest gain in 15 years
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The country on Friday secured a $3 billion short-term financial package from the IMF, providing some relief to its economy as it teetered on the brink of default.
Pakistan’s benchmark stock index posted its biggest single-day jump in 15 years on Monday. It gained 5.9% in the first trading session after the country secured a last-gasp funding deal from the International Monetary Fund (IMF). The country on Friday secured a $3 billion short-term financial package from the IMF, providing some relief to its economy as it teetered on the brink of default. Prime Minister Shehbaz Sharif said in a statement that investor confidence was rapidly reviving as a result of the staff-level agreement with the IMF and an additional $3 billion arrangement.
According to Refinitiv data, the KSE 100 index rose 2,442.06 points to close at 43,894.7, its biggest percentage gain since June 24, 2008, when it rose 8.6%. In a tweet, Topline Securities said the increase was even more significant in numerical terms. It added, “Today’s gain in the benchmark KSE 100 index is likely to be the highest in the history of the Pakistan Stock Exchange.
However, there was growing interest in Pakistani Eurobonds maturing in 2024 and 2025, with limited indicative offers from any seller. Among major stocks moving forward, automakers rose between 6% and 7.5% on hopes that import restrictions on car parts would be lifted as part of an IMF deal.
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