Stocks set record above 81,000 on IMF deal
Shrugging off the rising political noise following the landmark apex court ruling on reserve seats, equity investors on Monday celebrated the reaching of a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) for a $7 billion credit line, tossing the benchmark KSE 100 index to an all-time high above 81,000. Also, an expected softening of monetary policy aided market optimism about the economic outlook, which attracted buying interest, especially from foreign investors. Ahsan Mehanti of Arif Habib Corporation said stocks closed at an all-time high as the signing of the SLA boosted investor confidence. He added that the expected ease in the SBP policy rate, settlement of the energy sector circular debt crisis, the surge in remittances, and rupee stability played a catalyst role in the record close at the PSX.