KARACHI: Pakistan’s stock market opened on a bullish note as an extension to the rally started yesterday on the back of positive news from the macroeconomic front. In addition to this, the release of funds by the International Monetary Fund (IMF) and positive gesture from other global institutions also helped in the positive trend.
KSE-100 index opened the day positively and reached up to 44,867 points with a jump of 345 points in the first five minutes of the trade. The fresh buying at the discounted prices further supported the Index to breach 45,000 points level to reach 45,133 points with addition of 642 points by 11:05 am.
Investors and institutions were active with regard to fresh buying. The bullish trend is also supported by the corrections over a thousand points that the market went through last week.
Traders and analysts said that news regarding the release of funds by IMF, assurance of support by Asian Development Bank (ADB) and World Bank supported market sentiments. While the proactive measures by the government against the third wave of COVID-19 infection also seems to be a confidence builder, they added.
The State Bank of Pakistan (SBP) on Tuesday night received around $498.7m from the International Monetary Fund (IMF) as a loan tranche under Extended Fund Facility (EFF) for budget support.
The country’s total liquid foreign exchange reserves stood at $20.435bn as of March 19, 2021 and with the arrival of these inflows the total foreign exchange reserves are likely to cross $21bn mark.