Approval of much awaited IMF tranche with softer conditions generated euphoria at the local bourse posting a gain of 2.8 per cent.—File Photo
KARACHI: Pakistan's main stock exchange closed higher on Thursday, rising 575 points on news of the International Monetary Fund approving a $6.7 billion loan for Pakistan.
The benchmark 100-share index of the Karachi Stock Exchange rose 2.63 per cent, or 575.63 points, to 22,451.46.
Approval of much awaited IMF tranche with softer conditions generated euphoria at the local bourse posting a gain of 2.8 per cent.
Investors realised going through IMF program that interest rate may not rise immediately thereby providing the much needed boost to local equities that recently went under correction, dealers said.
Pakistan State Oil Co Ltd rose 5 per cent to 309.63 rupees while Engro Corporation was up 5 per cent to 145.33 rupees.
The rupee ended weaker at 104.76/104.81 against the dollar compared to Wednesday’s close of 104.70/104.80.
Overnight rates in the money market fell to 6.75 per cent from Wednesday’s close of 8.75 per cent.