PSX sees biggest single-day gain, surges 2,000 points on IMF deal

The stock market witnessed the highest single-day gain on Monday with the benchmark KSE-100 index rising more than 2,400 points following the agreement with the International Monetary Fund (IMF). The index was up 2,414 points at 43,867 at 11:30 am. It closed at 43,899 points, up 2,446.32 points from Friday’s close of 41,452.68. “Historic day-on-day gain witnessed at PSX today with KSE-100 increasing by 2,446 points and closing at a 14 month-high,” said Arif Habib Ltd. “On a DoD basis, it displayed the best performance ever. In the last three trading sessions KSE-100 has increased by 3,834 points (+9.57%),” it said. Among the key stocks to advance, automakers rose 6-7.5 per cent on expectations that import restrictions would be lifted under the IMF deal. Several automakers including Pakistan Suzuki Motor Co had announced prolonged plant closures in 2023, citing import restrictions.