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  • PSX crosses 62,000 points milestone

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    PSX crosses 62,000 points milestone File Photo PSX crosses 62,000 points milestone

    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.