Pakistan’s stock market experienced a significant increase on Monday following an agreement with the International Monetary Fund (IMF). The benchmark KSE-100 index rose by over 2,400 points, reaching a 14-month high. This gain is the highest single-day increase ever witnessed in the Pakistan Stock Exchange (PSX). The rise in the index is attributed to the staff-level agreement with the IMF for a $3 billion stand-by arrangement. This agreement provides economic relief and is expected to help the local currency recover. It also paves the way for the release of funds from other donors. The rally in the stock market is seen as a sign of stability and investor confidence in the country’s economic future. The automotive sector saw a significant boost, with stocks of automakers rising due to expectations that import restrictions would be lifted under the IMF deal. Prime Minister Shehbaz Sharif congratulated the nation and the business community on the stock market rally, attributing it to the government’s hard work and sound policies. The $3 billion funding package from the IMF provides much-needed financial support to Pakistan, which is facing a balance of payments crisis and falling foreign exchange reserves.
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