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Bulls continue to dominate Pakistan equity market

Bulls continue to dominate Pakistan equity market

Bulls continue to dominate Pakistan equity market

Bulls continue to dominate Pakistan equity market

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KARACHI: The Pakistan Stock Exchange (PSX) continued to remain positive and sequentially better volumes during Wednesday’s trading session, fuelled by the announcement that a Chinese bank has approved financing of $700 million to Pakistan, analysts said.

An analyst at Pearl Securities said, according to the finance secretary of Pakistan, the International Monetary Fund (IMF) staff-level negotiations are expected to conclude this week.

“This would be a critical step in the process of releasing cash to combat the economic crisis.”

The benchmark KSE-100 Index closed at 41,167.60 points, up 217.76 points, or 0.53 per cent. The All-share volume increased 104 per cent to 197 million shares against 96 million shares traded on Tuesday.

Ahsan Mehanti at Arif Habib Corporation said that the stocks showed recovery ahead of the imminent Pakistan-IMF staff-level agreement, the rupee recovery and the Finance Minister Ishaq Dar’s assurance on $700 million China Development Bank loan receipt by the State Bank of Pakistan (SBP) by this week.

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“Easing political noise and the speculations on the likely restructuring of the foreign debt, played a catalytic role in the bullish close.”

Going forward, the analysts expect volatility to persist in the benchmark KSE-100 Index until the IMF’s ninth review is successfully concluded.

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PSX remains volatile due to uncertainty over ‘mini-budget’
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KARACHI: The Pakistan bourse remained volatile during Tuesday’s trading session on the...

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