Likely IMF deal boosts PSX as shares surge 1,371 points

Shares at the Pakistan Stock Exchange soared Monday with analysts attributing the rally to revisions made by the government in the budget 2023-24 to allay the International Monetary Fund’s (IMF) concerns.

The benchmark KSE-100 closed at 41,347 points, up 1,371 points or 3.42 per cent.

According to investors, the pending ninth IMF review, which seemed to have been written off by markets, was now seeing “fresh hope” after the government made changes to the budget and removed import restrictions.

They say cyclicals such as cements and import-dependant sectors such as autos were leading the rebound.