PSX gains over 1,600 points as IMF talks lift sentiment

The Pakistan Stock Exchange (PSX) maintained a firm upward momentum on Wednesday, with the benchmark KSE-100 Index staying in the green throughout the session amid optimism over a positive outcome from ongoing talks between the government and the International Monetary Fund (IMF) mission.  By 12.38pm, the KSE-100 was hovering at 171,211.36, up 1,610.96 points, or 0.95%, from the previous close of 169,600.40. The index had surged 947.20 points, or 0.56%, to 170,547.60 by 9:38am, shortly after trading kicked off. The rally persisted through the morning, with the index holding firmly above the 170,000-point level as buying interest remained broad-based. Read: PSX falls 825 points as US-Iran uncertainty, oil pressure weigh The index hit an intraday high of 171,492.52 and a low of 170,041.98. Trading activity remained active, with around 81.96 million shares changing hands, while the traded value stood at Rs5.97 billion. Meanwhile, oil prices rose after United States President Donald Trump denied he was willing to ease sanctions on Iran, and as Qatar pushed for peace talks. The rise followed a decline in the previous session, when crude prices eased on signs of recovering supplies from the Middle East. For the latest development in the domestic environment, the government and IMF mission are engaged in talks, with discussions focused on the ongoing review of Pakistan’s IMF programme. Investors are closely watching the outcome of the discussions for signals on the country’s economic and financing outlook.