Bulls rampant again as shares at PSX rally 900 points

Bulls continued their stampede at the Pakistan Stock Exchange (PSX) as shares rallied more than 900 points on Wednesday, which analysts attributed to improvement in economic indicators. The benchmark KSE-100 index climbed 1,031.13 points, or 1.3 per cent, to stand at 80,522.26 points from the previous close of 79,491.13 points at 3:20pm. Finally, the index closed at 80,461.33, up by 970.20, or 1.22pc, from the previous close. Awais Ashraf, director research at AKD Securities, said that investor sentiment was being driven by “expectations of the IMF Executive Board’s approval of the US$7 billion Extended Fund Facility, coupled with improvements in key economic fundamentals”. Earlier, the International Monetary Fund had confirmed that the Fund’s board will meet on September 25 to discuss the loan facility for Pakistan.