Pakistan Stock Exchange (PSX) KSE-100 index on Wednesday gained more than 1,100 points as investors reposed their confidence triggering hectic buying activity following after staff-level accord between Pakistan and the International Monetary Fund (IMF) along with a new $1.3 billion arrangement, reported 24NewsHD TV channel.
The PSX’s benchmark KSE-100 Index gained 1,139.15 points, or 0.98%, to settle at 117,772.31 by day’s end.
The index touched an intraday high of 118,220.88 and a low of 117,178.23, reflecting a day driven by investor optimism following key economic developments.
Economic experts said the IMF review is the major positive trigger we’ve seen the market respond with a gain of over 1139.15 points. OGDC and PPL announcing the completion of the feasibility study on Reko Diq, has also supported sentiment, but overall, it’s IMF-driven.
The Reko Diq project added further momentum to energy and exploration stocks. OGDC announced the completion of an updated feasibility study, revealing a 37-year mine life and a $5.6 billion investment plan for Phase 1, which is expected to commence in 2028. Total estimated production includes 13.1 million tons of copper and 17.9 million ounces of gold.
Meanwhile, Pakistan’s economic data remains mixed. The Ministry of Finance forecasts CPI inflation to rise to 2–3% in April from 1–1.5% in March. Inflation was recorded at 1.5% YoY in February, down sharply from 23.1% in February 2024.
On Tuesday, the PSX had already hinted at positive sentiment, with the KSE-100 closing up 193.55 points, or 0.17%, to 116,633.17 points, up from 116,439.62 points recorded in the last session. The highest index of the day remained at 116,904.55 points, while the lowest level was recorded at 115,877.88 points.
Reporter: Ashraf Khan