Stocks surge nearly 1,000 points as IMF approves $1.2bn for Pakistan

Bullish sentiments were observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 1,000 points during the intra-day trading on Tuesday, as investors rejoice after the International Monetary Fund’s (IMF) Executive Board on Monday approved the disbursement of $1.2 billion for Pakistan under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF). At 12pm, the benchmark index was hovering at 169,231.42, up 928.18 points, or 0.55%. Analysts attributed the positivity to the IMF board clearance, which unlocks about $1.2 billion, roughly $1 billion under the EFF and $200 million through the RSF for the South Asian nation, bringing total disbursements under the two arrangements to about $3.3 billion.