PSX: buying continues, KSE-100 up nearly 400 points amid IMF deal

Business Recorder reported that buying continued on the PSX during morning trade, lifting the KSE-100 index 397.96 points, or 0.24%, to 168,978.36 at 9:50am. The rally followed news that IMF staff and Pakistani officials agreed at staff level on a fourth check of the $7-billion Extended Fund Facility and a third check of the Resilience and Sustainability Facility.

Buying was visible across banks, cement, oil and gas exploration, oil marketing companies and power generation, with heavyweights such as LUCK, MCB, MEBL, NBP, UBL, MARI, OGDC, PSO and HUBCO trading higher. IMF Executive Board approval is still needed before Pakistan can draw around $1 billion under the EFF and $210 million under the RSF, which would bring cumulative disbursements to about $5.7 billion.

Globally, Asian shares slipped as strain in sovereign bond markets deepened, with reports that large tech firms were seeking billions in borrowing. Oil price increases added pressure on US Treasuries, and the euro fell near 17-month lows on concern over France's finances. The Wall Street Journal also reported that SpaceX, Broadcom and Oracle were seeking funds to purchase AI chips.