Bulls in Control as Index Rallies on IMF Developments

Staff Report:

The bulls dominated on Tuesday’s trading session, propelling the benchmark index to an intraday high of 1,002 points before settling at 117,001, up 801 points (0.69%).

The positive sentiment was largely driven by encouraging economic developments. According to news reports, the IMF has permitted Pakistan to borrow Rs1.25 trillion ($4.5 billion) from domestic banks to help manage the Rs2.4 trillion circular debt in the power sector without increasing public debt.

Investor confidence was further lifted as the IMF shared a draft of the Memorandum of Economic and Financial Policies (MEFP) with Pakistani authorities, marking progress toward a staff-level agreement under the $7 billion Extended Fund Facility (EFF). This reinforced hopes for sustained financial support and economic stability.Strong Market Performance in 2024: KSE 100 Index Soars 84%

The index’s gains were primarily fuelled by FFC, ENGROH, HUBC, TRG, and LUCK, which collectively added 541 points.

Market participation remained robust, with 446 million shares traded and a total turnover of Rs 29.1 billion. PIBTL led the volume chart with 59 million shares exchanged.