PSX's KSE-100 Index up over 900 points, after the IMF loan announcement

• At the time of filing this report at 1:30 pm, the KSE-100 Index was being traded at 31,891.91 points.
• At the time of filing this report at 1:30 pm, the BRINDEX-100 was up 3,290.02 points

The Pakistan Stock Exchange (PSX) was in the green zone on Thursday, with the benchmark KSE-100 Index up over 900 points after the International Monetary Fund (IMF) announced that they would be lending $1.4 billion to Pakistan next week.

At the time of filing this report at 1:30 pm, the KSE-100 Index was being traded at 31,891.91 points with a positive change of 920.64 points and a percentage change of 2.97pc.

Whereas, the BRINDEX-100 was up 3,290.02 points with a positive change of 105.43 points and a percentage change of 3.31pc.

Markets have positively responded to the IMF announcement, after it was learned that Pakistan would receive $1.4bn from the IMF, under the Rapid Financing Instrument (RFI) to deal with the economic turmoil in the wake of coronavirus.

It should be mentioned here that the $1.4bn loan to Pakistan from IMF is in addition to the country's $6bn bailout package, the country signed with the IMF last year.

“This $1.4 billion we are requesting will be a low cost, fast disbursing loan," said Finance Adviser Abdul Hafeez Shaikh. He said Pakistan would like the IMF to consider the loan separately to funds it had already set aside for losses to economies across the world due to the pandemic.