Karachi September 13 2024: Pakistan stocks up and currency gains after country fulfill all requirements of the Fund to get $7 billion bailout package and central bank decision to cut policy rate by 200 basis points.
KSE-100 index gains 878 points or 1.11 percent (PST 9:50 AM) while Pak Rupee gains 20 paisa to trade at 278.19 against the US dollar.
The International Monetary Fund (IMF) on Thursday confirmed that the Fund’s board will meet on September 25 to discuss the USD 7 billion Extended Fund Facility (EFF) to Pakistan.
Earlier on July 12th 2024, IMF staff and the Pakistani authorities have reached a staff-level agreement on a 37-month Extended Fund Facility Arrangement (EFF) of about USD 7 billion. This agreement is subject to approval by the IMF’s Executive Board.
At its meeting yesterday, the Monetary Policy Committee (MPC) decided to cut the policy rate by 200 bps to 17.5 percent, effective from September 13, 2024.
Fauji Fertilizer Company Limited added most 99 points to the index followed by 62 points added by Engro Fertilizers Limited and 45 points added by The Hub Power Company Limited. There are only 13 stocks that are trading negative at the exchange.
