Stock market manages to post modest gain in mixed week
The stock market managed to close the topsy-turvy week in the green. Heralding political stability after Shehbaz Sharif took oath as the 24th prime minister of Pakistan, the market staged a robust rally of 626 points in the first session of the outgoing week which propelled the benchmark KSE 100-share index briefly above 66,000 points but settled below this level. However, the market in the subsequent three sessions suffered mild losses as a falling rupee and surging external debts amid uncertainty about new conditions by the International Monetary Fund (IMF) triggered nervous selling by a section of investors. Mr Shehbaz, after assuming responsibilities as head of the government, immediately issued directions to his finance team to start preparations for engaging the IMF for the final review under the current $3bn Stand-By Arrangement and negotiating a fresh longer-term Extended Fund Facility which is direly needed to tackle the country’s balance of payments crisis.