https://arab.news/mxf3v
- Pakistan, currently bolstered by a $7 billion facility from the IMF granted in September, is navigating an economic recovery path
- The country’s current account deficit for Feb. coming in at $12 million and T-Bill where participation of Rs1,575 billion was seen
ISLAMABAD: Pakistan’s stock market recorded more than 2 percent weekly gains as it closed the weekend trading session gains on Friday, a Karachi-based securities firm said, attributing it to positive developments regarding Pakistan’s $7 billion International Monetary Fund (IMF) program.
While the benchmark KSE-100 index shed 327 points on Friday to close at 119,405 points, it witnessed a 2.5 percent growth in its volume during the week.
“This gain can be attributed to buying by mutual funds on favorable IMF program review, government’s efforts to resolve circular debt, lower electricity prices and rebound in cement prices,” Topline Securities said in its weekly review.
The Washington-based lender put all speculation about its negotiations with Islamabad to an end, when its mission chief, Nathan Porter, said last week the two sides had made “significant progress” toward reaching an accord.
The South Asian country, currently bolstered by a $7 billion facility from the IMF granted in September, is navigating an economic recovery path.
Other developments during the outgoing week were Pakistan’s current account deficit for Feb. coming in at $12 million and the T-Bill where participation of Rs1,575 billion was seen, with government raising Rs392 billion as against target of Rs800 billion.
“Increase in investor participation was observed during the week as average daily traded volume and value stood at 508 million shares (up by 51% WoW) and Rs31.5 billion (up by 43% WoW) respectively.