The KSE-100 Index, widely seen as a benchmark for market performance, was up over 750 points near the end of the session, as investor sentiments improved amid reports that the International Monetary Fund (IMF) programme would soon be revived.
At around 3:30pm, the benchmark index was hovering around the 42,544.87 mark, an increase of 767.89 points or 1.84%. The index has been under pressure for weeks now as investors keenly await revival of the IMF programme that was put on hold with the change in government.
“The improvement in sentiment comes after the finance minister in a cabinet meeting said that the IMF deal would be announced soon,” said Fahad Rauf, Head of Research at Ismail Iqbal Securities Limited.
The market analyst informed that across-the-board buying was being witnessed at the bourse.
During the federal cabinet meeting on Tuesday, which was held under the chairmanship of Prime Minister Shehbaz Sharif, Finance Minister Miftah Ismail reportedly said that the next round of talks would commence with the IMF tonight.
Earlier, Miftah on Monday expressed optimism that the IMF programme will be revived in the next 24-48 hours, as the government looks to pacify its currency market that has seen the rupee plunge to record lows in recent days.
On Tuesday, the rupee plunged further, hitting the 212-level against the US dollar with falling foreign exchange reserves taking a toll on the currency.
This is an intra-day update