PSX gains 293 points as investors hopeful of IMF loan approval

The 100-index of Pakistan Stock Exchange (PSX) continued with bullish trend on Tuesday, gaining 293.63 points, a positive change of 0.51 percent, closing at 57,371.59 points against 57,077.96 points the previous trading day.

All-Share market volume was 1.012 billion shares compared to 718.29m from the previous session while traded value was recorded at Rs19.34bn.

As many as 390 companies transacted their shares in the stock market; 231 of them recorded gains and 143 sustained losses, whereas the share price of 16 companies remained unchanged.

The financial analysts said there are high expectations regarding the IMF board’s approval for the second loan tranche.

The signing of the staff-level agreement paves the way for the disbursement of the second loan tranche amounting to $700 million, subject to the approval of the IMF’s Executive Board — which is tentatively scheduled for Dec 7.

The numbers show Pakistan’s trade deficit has decreased, which means that exports have increased, imports decreased indicating reduced CAD will translate into discounted foreign exchange liabilities for Pakistan.