Maintaining its bullish run from the preceding sessions, the benchmark index of the Pakistan Stock Exchange (PSX) crossed the 62,000 milestone on Monday on expectations of a reduction in interest rates.
According to the PSX website, the KSE-100 index struck 62,401.94 at 9:40am, up 710.69 points or 1.15 per cent, from the previous close of 61,691.25.
The benchmark KSE-100 index had sustained its rally over the past two weeks, which analysts had attributed to attractive valuations and the successful conclusion of a staff-level deal with the International Monetary Fund (IMF).
Earlier it emerged that the the IMF executive board is likely to approve the staff-level agreement with Pakistan on December 07.
The IMF executive board meeting will likely be held on December 7 and is expected to consider Pakistan’s case in the meeting.
Sources said that after the approval from IMF’s Executive Board around US$700 million will be available to Pakistan, bringing total disbursements under the program to almost US$1.9 billion.