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Game-Changing IMF Deal: Pakistan Stock Exchange Breaks All Records, Investors Rejoice!

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Following Pakistan's $3 billion deal with the International Monetary Fund (IMF), the Pakistan Stock Exchange experienced a significant surge on Monday, marking the first working day after the agreement. During early trading, the benchmark KSE-100 Index gained 2,372.93 points, reaching 43,825.61. This was a notable increase from the previous level of 41,452.68 recorded on the Tuesday before the start of the Eid holidays.

However, trading had to be suspended at 9:37 am due to the market's volatile nature, as the KSE-100 Index reached 43,439.33. The "Halt market" mechanism was activated since the index had increased by over 5 percent during the session. Trading resumed at 10:42 am, and the bullish sentiments continued, with the KSE-100 Index climbing by 2,372.93 points or 5.72 percent, ultimately reaching 43,825.61 at 11:05 am.

This boost in the stock market was facilitated by the depreciation of the US dollar against the rupee, even during the Eid holidays. The successful arrangement with the IMF led to the availability of the US dollar at rates lower than the official interbank rate of Rs285.99 in some instances. As a result, individuals started selling the US dollars they had hoarded or kept as financial guarantees in the market.

Several experts predict that the rupee may strengthen by at least Rs30 in the next one or two days. On June 30, Pakistan finalized the $3 billion staff-level agreement with the IMF, coinciding with the expiration of the previous deal.

According to the IMF, the staff-level agreement on policies supported by a Stand-by Arrangement (SBA) has been reached between the IMF staff and Pakistani authorities. The agreement is subject to approval by the IMF Executive Board, with the review expected to take place by mid-July. Throughout the process, the IMF staff team, led by mission chief Nathan Porter, held both in-person and virtual meetings with Pakistani authorities to discuss a new financing engagement under an SBA.

Porter announced the staff-level agreement on a nine-month SBA and emphasized that the full and timely implementation of the program will be crucial for its success, considering the challenging circumstances. The new deal requires Pakistan to fulfill various conditions and targets set by the IMF, including reforms in the power sector, which entail tariff hikes for electricity and gas, as well as allowing the market to determine the exchange rate of the rupee.
#stockmarket #pakistan #imf #dollar


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