KARACHI: The Pakistan Stock Exchange (PSX) on Thursday continued its bullish trend after the KSE-100 index gained 523 points in the early day trading after investors hoped for recovery on the economic side following positive indicators from IMF, ARY NEWS reported.
The KSE-100 index crossed the 41,000 barrier and traded at 41,592 after gaining 523 points.
The stock market’s recovery from the 40,000 mark yesterday is attributed to US dollar’s sharp decline against the rupee in the interbank and open market.
The US dollar continued its declining trend in the interbank and open market on Thursday after the greenback saw a historic decline of over Rs9 on Wednesday.
According to forex dealers, the US dollar slipped by Rs4.02 at the start of the day to trade at Rs224.78 as the banks sold it at Rs226.28.
In the open market, the greenback traded between Rs223 and Rs224.
The positive sentiment in the PSX came after the International Monetary Fund (IMF) on Tuesday confirmed that Pakistan has achieved all the set targets for the revival of the Extended Fund Facility (EFF) programme.
Exclusively talking to ARY News, International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending the levy on petrol.
Read More: US dollar declines to Rs237 in interbank market
Ruiz said the 7th and 8th reviews have been completed and the IMF Executive Board will meet in the third week of August.
Esther Perez hoped that Pakistan will take steps to narrow the funding gap till the board’s meeting.
 on Thursday continued its bullish trend after the KSE-100 index gained 523 points in the early day trading){kind=link}