KARACHI: History was made as the Pakistan Stock Exchange commenced business for the first time following a groundbreaking $3 billion deal with the International Monetary Fund (IMF). The inaugural day of trading showcased a remarkable surge, marking an unprecedented milestone in the history of the Pakistan Stock Exchange, with a substantial increase of 2,230 points.
Impressive Surge and Temporary Trading Suspension
The Hundred Index, at the commencement of trading, experienced a remarkable 5.3 percent jump, leading to a temporary suspension of trading for one hour. During this time, the Hundred Index surpassed the 43,000 level, soaring to an impressive 43,521 with a gain of 2,068 points.
Resumption of Trading and Further Index Growth
Following the hour-long pause, trading resumed on a positive note in the Pakistan Stock Market, with the Hundred Index further surging by 5.62 percent to reach an impressive 43,783.
IMF Standby Agreement: Boosting Pakistan’s Economic Outlook
Pakistan and the International Monetary Fund (IMF) have reached a significant $3 billion standby arrangement agreement. The agreement awaits approval from the IMF Executive Board, scheduled to convene in mid-July. Once approved, the staff-level agreement aims to alleviate external payment pressures on Pakistan and enhance funding for the social sector, leading to increased tax revenue for the country.