ISLAMABAD: Prime Minister Shehbaz Sharif today congratulated the nation after the Pakistan Stock Exchange recorded an extraordinary surge of 2,231 points on Monday.
Today (July 3) is the first working day after the government signed a staff-level agreement with the IMF for a $3 billion loan facility.
PM Shehbaz said that the positive signs of economic recovery have started surfacing. He termed this development as an outcome of a hard work and sound policies of the coalition government.
He said, “The journey of economic development, reduction in inflation, and progress of Pakistan is restarting from the point where it was left by PML-N supremo Nawaz Sharif.”
Premier said that a new ray of hope emerged after severe disappointments and investors and the business community are reposing trust after a deal with IMF involving $3 billion standby arrangement.
stock market hit upper lock after IMF deal
Shares listed at the Pakistan Stock Exchange hit the upper locks on Monday morning in reaction to the signing of the deal with the IMF.
Monday is the first working day after the government and the IMF signed the staff-level agreement for a $3 billion loan facility.
Before the opening of the stock market, analysts predicted a rapid boom in the market.
A screenshot of trading at the stock market on Monday as shares hit upper locks. It shows an extraordinary surge in PSX trading.
On Monday morning, the Pakistan Stock Exchange authorities suspended the trading after shares hit the upper locks within an hour. Five percent increase in the value of shares is the maximum limit for a day.
Hence, when the shares hit the upper locks soon after the opening of trading at the PSX, the management of the exchange suspended the trading.
The KSE-100 index of the PSX gained 2,230 points at morning, reaching 43,683.78 points. However, when the PSX management suspended trading, the KSE-100 index gained 1986 points.
