Buoyed by an expected funding nod from the International Monetary Fund (IMF) in its executive member’s meeting scheduled to be held on Sept 25, the Pakistan Stock Exchange (PSX) continued to witness an upward trend for the third consecutive working day of the week.
The KSE-100 index reached 81,719 points after gaining 1258 points during first half of the day.
On the other hand, the greenback continued to depreciate against Pakistani rupee while trading at Rs277.90 in the interbank market after losing Rs0.13.
A day after the International Monetary Fund (IMF) included Pakistan in its executive board meeting, the bulls continued to rule the stock market on the second working day of the week.
After a day’s break of Eid-e-Milad, the KSE-100 index reached 80,549 points after gaining 1058 points.
It must be remembered that the Pakistan Stock Exchange witnessed an upward trend at the end of the first day of the business as the KS-100 index stood at 79,491 points after gaining 159 points.
On the other hand, the US dollar continued to depreciate against the Pakistani rupee. The dollar price stood at Rs278 from Rs278.13 after losing Rs0.13 in the interbank trade.
The International Monetary Fund (IMF) finally included Pakistan’s name in its executive board meeting. The global lender will review the new loan programme worth $7 billion for Pakistan on Sept 25.
Pakistan had sought assurances from various development partners to fill its financing gap worth $2 billion.
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“Given the IMF’s history of controversial bailouts, should we be more concerned about the potential long-term effects of this funding on Pakistan’s economy, or is this a necessary evil for immediate stability? Could this funding nod be a double-edged sword, leading to both short-term gains and long-term dependency?