The Pakistan Stock Market (PSX) opened up on Wednesday and rose by 346 points in the first and a half trading hours after Tuesday’s decline.
The KSE100 index closed up 229 points at the end of the trading session.
Due to reports that the negotiations between Pakistan and the International Monetary Fund (IMF) were postponed due to the portion of the 1b dollar loan under the 6b dollar IMF program, PSX fell 181 points on Monday and severely fell by 700 points on Tuesday.
Investors lost at least 100 billion rupees on Tuesday. The financial adviser had no time to refute the newspaper report as “fake news.” The report stated that Prime Minister Imran Khan “abandoned” the plan to call on IMF General Manager Kristalina Georgiev to break the deadlock because Pakistan’s constitution does not allow his government to satisfy international currencies. Several of the IMF’s requirements, most of which are focused on granting countries greater powers. Bank of Pakistan.
However, PSX stabilized on Wednesday. By 1030 in the morning, the market opening price was 46,399.91 and KSE100 was 46,755. This is the highest point the market has touched. PSX closed at 46,629, and KSE100 rose by 229 points as a whole on the day.
According to Wakil ur Rehman of SAMAA Digital, market sources said this trend is not uncommon, as major losses usually recover on the next trading day.
Tallinn tweeted on Tuesday afternoon that since negotiations with the IMF have entered an advanced stage, there is no need for the Prime Minister to seek help from the IMF’s managing director.