Bulls approach 170,000-barrier despite IMF uncertainty
The stock market extended its record-setting run in the outgoing week, with the benchmark KSE-100 index nearing the 170,000 milestone, buoyed by strong investor interest despite the International Monetary Fund (IMF) signalling concerns during the ongoing second review under the $7 billion Extended Fund Facility. The index gained 6,733 points or 4.15pc on a weekly basis to settle at 168,990, according to data compiled by Arif Habib Ltd. The rally was primarily driven by continued buying by mutual funds and individual investors, supported by limited returns on fixed-income instruments and optimism around macroeconomic indicators. The IMF, while acknowledging progress in fiscal consolidation and structural reforms, highlighted persistent vulnerabilities in the external account. The Fund emphasised the need for sustained reforms amid high inflation and external debt challenges. Markets remain closely attuned to the review’s outcome, which is critical for the release of the next $1.2bn tranche.