Shares at PSX make marginal gains on hopes of new IMF deal

Shares at the Pakistan Stock Exchange (PSX) climbed more than 300 points in on Monday on expectations of expectations of a new deal with the International Monetary Fund (IMF). The benchmark KSE-100 index climbed 704.08 points, 0.9 per cent, to stand at 79,149.04 at 11:15am from the previous close of 78,444.96 points. Finally, the index closed at 78,824.33, up by 379.37 or 0.48pc, from the previous close. Mohammed Sohail, chief executive of Topline Securities, said that investors were “building new positions amid expectations of lower CPI (Consumer Price Index) reading”. Moreover, he said that it was also expected that the International Monetary Fund (IMF) staff-level agreement (SLA) “will be reached soon after passing of tax-laden budget”. Amreen Soorani, head of research at JS Global, said, “Bullish sentiment prevails at PSX as the Finance Bill’s approval fuels optimism for an IMF deal.”