KARACHI: In response to a fresh agreement struck with the International Monetary Fund (IMF) that is anticipated to support the struggling economy, investors went all in on Pakistan’s stocks on Monday, sending them to a record high, according to traders.
A staff-level agreement (SLA) was reached between Pakistan and the IMF for a $7 billion loan program that would last 37 months and include strict restrictions like rising taxes on farm income.
The benchmark KSE-100 Shares Index of the Pakistan Stock Exchange (PSX) increased by 1211.51 points, or 1.52%, to settle at 81,155.60 points from the previous closing of 79,944.10 points.
After Islamabad finished a $3 billion short-term program that helped stabilize the economy, prevent a sovereign debt default, and set aggressive revenue objectives in its budget to win IMF approval, talks to extend the SLA began in May.
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