PSX cheers IMF loan, UAE investment

Pakistan Stock Exchange (PSX) enjoyed a bullish week and ended at a record high just short of 76,000 points as investor interest was bolstered by several positive triggers including loan talks with the International Monetary Fund (IMF), pre-budget speculation and assurances of massive investments by the United Arab Emirates (UAE).

The market’s bull-run was also fueled by the rising foreign currency reserves that stood above $9 billion, stable inflows through the Roshan Digital Account (RDA) and rupee stability.

Similarly, the State Bank of Pakistan (SBP) reported a current account surplus for the third consecutive month in April 2024. Though investors resorted to profit-taking at high stock valuations, the bourse still maintained its record-breaking streak and closed with gains of nearly 650 points.