PSX rebounds with 800-point surge on IMF deal hopes

(Web Desk): The Pakistan Stock Exchange (PSX) saw a strong recovery on Tuesday as the benchmark KSE-100 index surged by 808.28 points, or 0.71%, closing at 114,872.18.

This rebound came after a volatile session the previous day, where market uncertainty had caused a significant decline.

The market's positive momentum was driven by news that the International Monetary Fund (IMF) Executive Board will meet on May 9 to discuss approving a $1.3 billion loan for Pakistan.

This funding is part of the Extended Fund Facility (EFF) and a new 28-month programme under the Resilience and Sustainability Facility (RSF), aimed at helping the country cope with climate challenges. The IMF also confirmed it will review the first phase of Pakistan’s ongoing $7 billion bailout package.

According to Awais Ashraf, Director of Research at AKD Securities, the announcement helped shift investor focus from rising tensions with India to Pakistan’s economic progress. He said the news restored some confidence in the market and supported buying activity.