KARACHI: In line with expectations, the Pakistan Stock Exchange (PSX) surged by 2,231 points, or 5.38 percent, on Monday, the first session after nation reached a deal with the International Monetary Fund (IMF).
The PSX benchmark KSE-100 index spiked to 43,684 points in the opening moment at 9:31 AM, after the stock market reopened for trading after extended holidays.
The stock market was forced to halt trading for 60 minutes immediately after opening to settle large orders under prevailing rules as the IMF deal reinforced investor confidence.
Pakistan signed a short stand-by agreement worth $3 billion loan programme with the IMF last week following the expiration of the previous deal. The deal is subject to approval by the IMG Board in mid-July for the next nine months.
Prime Minister Shehbaz Sharif has congratulated the nation and the business community on the start of business activities as Pakistan Stock Exchange surged by an extraordinary 2,231 points on the opening day of the week.
In a statement, the prime minister said signs of economic recovery have started coming forth as a result of our continuous hard work and sound policies.
He said the journey of economic development and progress is restarting from the point where it was left by Nawaz Sharif and the country is again on track.
PM Shehbaz Sharif congratulated the nation saying that a new ray of hope has arisen after severe disappointments and investors and the business community is rapidly reposing trust after the IMF deal.
The prime minister said the government is leading Pakistan towards path of development with the same spirit under which Pakistan was rid of the energy crisis and terrorism in 2013 and 2018.
He called for continuing the journey of national development and economic stability in the same direction and with the same passion and diligence.
The said pace of development will be expedited in all other sectors including agriculture, Information Technology and industries. He vowed to rid the growing inflation, and provide youth with employment, business and economic self-reliance.
