PSX tops 45,000 and reaches a 15-month high
Market rallies as index closes the day at 570.67 or 1.28% to jump to 45,155.79 points
KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) increased on Tuesday in response to encouraging cues as the cash-strapped country acquired much-needed $2 billion in financing from Saudi Arabia.
The index rose by 570.67 points, or 1.28%, to conclude at 45,155.79 points, up from the previous closing of 44,585.12 points, as the market increased.
According to Arif Habib Limited, the market increased by 3,703 points, or 8.9%, following the staff-level agreement with the International Monetary Fund (IMF) for a $3 billion Stand-By Arrangement (SBA).
Additionally, on Monday, the credit rating agency Fitch raised Pakistan's long-term foreign currency issuer default rating from CCC- to CCC, which is encouraging for a nation that is currently experiencing its greatest economic crisis.
cited capital market specialist Saad Ali's comments that "market optimism has been reinforced by the news of Saudi money, Fitch credit rating upgrade, and lack of any hindrance in the IMF's discussions with political parties over the weekend.
The analyst also predicted that the market will gain points throughout the course of the week.
The rating agency stated in a statement that the upgrade was due to the country's better external liquidity and funding conditions as a result of an agreement at the staff level with the International Monetary Fund (IMF), but it issued a warning that the fiscal deficit was still significant.
The Saudi inflows started soon after Islamabad signed the short-term IMF agreement on June 30. It is a standby agreement that, if approved by the IMF's board, which will decide on it at its meeting on July 12, will distribute $3 billion over the course of nine months.
Multilateral and bilateral financing posed a substantial obstacle to Pakistan's IMF agreement, which was delayed for more than nine months before it ultimately expired.
The SBA has now given the nation breathing room, averted a sovereign default, and helped to simplify fiscal policies in the government.
Tahir Abbas, the head of research at Arif Habib Limited, told Thenews.com.pk that although the market has been generally optimistic since the IMF agreement, today's improvement can be linked to Saudi inflows.
He predicted that the market will continue to be optimistic in the following days and that Pakistan might receive up to $1.2 billion from the IMF at the IMF board meeting that would take place tomorrow.
Analysts assert that without the IMF rescue, Pakistan's economic situation may have worsened into a debt default because of the nation's extremely high inflation and insufficient foreign exchange reserves for a month of import restrictions.
With the IMF agreement in place, Pakistan can now access more outside funding.
Local governments, including $1 billion in bonds and $3.6 billion to multilateral creditors, are anticipating $25 billion in gross new external funding in FY24, compared to $15 billion in public debt maturi
Since Imran Khan, the country's former prime leader, was deposed via a no-confidence vote in April of last year, the South Asian country has also experienced extreme political unrest.
The lender's team met with representatives from all major political parties in an effort to get support and agreement for the SBA in the run-up to the elections scheduled for October.
According to Khan's Pakistan Tehreek-e-Insaf, he endorsed the agreement.
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