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Pakistan Stock Exchange (PSX) Monday witnessed a bullish trend as the market was excited after the government reached a consensus with the International Monetary Fund (IMF) on a bailout package.

The KSE-100 benchmark index opened in the green zone and remained positive throughout the session before the trading was halted after the index hit its upper circuit limit of 5% at around 9:30am.

The PSX opened at 43,683.78 points after gaining 2,231.1 points — the first trading session following the bailout deal with IMF.

Speaking to Geo.tv, Pakistan-Kuwait Head of Research Samiullah Tariq said the market is performing due to the IMF deal and the reduction of the uncertainty on the balance of payments front.

Ecohing Tariq, Arif Habib Limited's Head of Research Tahir Abbas also said that the rally is primarily due to the staff-level agreement with the IMF.

When asked whether the trading would be short-lived, Abbas said: "No, the momentum and sentiment are very positive given now the country has an economic roadmap ahead for the next nine months."



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Category
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