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Pakistani markets close higher as SBP receives an IMF payment

KARACHI: Pakistan’s stock market closed up on Thursday after the central bank got a payment from the IMF (IMF).

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 42,460 points, up 109 points from the previous day’s close of 42,351 points.

The market had a good day today, according to analysts at Arif Habib Limited, as Pakistan received the first instalment of the extended financial facility from the IMF.

The State Bank of Pakistan (SBP) a day earlier received $1.16 billion from IMF under Extended Fund Facility.

SBP in a Tweet said that it had received proceeds of $1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and Eight review under the EFF for Pakistan.

“This will help improve SBP’s foreign exchange reserves and will also facilitate realization of other planned inflows from multilateral and bilateral sources,” according to the Tweet.

Earlier, on August 29, 2022 the executive board of the IMF completed the combined seventh and eighth reviews of the Extended Arrangement under the EFF for Pakistan.

Investors participation remained active throughout the day, healthy volumes were observed while the cement sector remained in the limelight.

Cements (+89.8 points), Banks (+19.5 points), Technology (+18.8 points), Leather (+10.8 points), and Investment Banks (+8.0 points) are among the industries that have contributed to the performance.

From 181.3 million to 248.2 million shares, volumes grew (+36.9% DoD). Additionally, the average transaction value grew by 11.2% to US$36.7 million from US$33.0 million.

Stocks like CNERGY, MLCF, FCCL, KAPCO, and PRL made a substantial contribution to the volumes.

Abdul Qadeer

My Name is Abdul Qadeer. And CEO Pakistanwap ( JamilBaba ) 😊

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