The Pakistan Stock Exchange (PSX) continued its positive momentum on Monday, rising by more than 450 points shortly after trading opened.

According to the PSX website, the benchmark KSE-100 index gained 473.67 points, or 1.11 percent, by 10:01am to reach 43,331.24 points.

Head of Research at Intermarket Securities, Raza Jafri, said the index opened on a strong note because of positive developments over the weekend including the letter of intent (LOI) from the International Monetary Fund (IMF) and assurance of further support from Saudi Arabia.

“The market is still quite cheap on valuations,” he added.

Ahsan Mehanti of Arif Habib Corporation attributed the bullish trend to the rupee’s strong recovery and reports of renewal and a further addition to a package from Saudi Arabia.

He also attributed it to the finance minister’s announcement of a $1 billion investment from the United Arab Emirates in the PSX as well as the IMF’s letter of intent.

Earlier on Friday, Finance Minister Miftah Ismail had said that an LOI had been received from the IMF for the revival of the programme under the staff level agreement (SLA) and memorandum of economic and fiscal policies (MEFP) signed last month.

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