March 04, 2024 (MLN): Pakistan stock market rose to its highest level in almost three months as investors welcomed the return of Shehbaz Sharif as prime minister, who expressed the need to seek a new bailout from the International Monetary Fund (IMF) to tackle the country's debt crisis.
The benchmark KSE-100 Index gained 550 points or 0.84% to 65,875.62 during early trading on Monday, the highest since mid-December 2023, as the political uncertainty eased.
Shehbaz Sharif was elected on Sunday as the prime minister of the country for a second term.
The new government would need to secure a larger and longer loan of at least $6 billion from the IMF to meet its high debt obligations.
Shehbaz Sharif last month said that the country will need to secure a new loan at the earliest.
Pakistan needs a deep surgery to bring revolutionary changes in the system and reform various sectors, the newly elected prime minister said in parliament on Sunday.
"The country’s challenges are difficult but not impossible to resolve," he commented on the effort to pull Pakistan from the debt crisis.
In today's session, KSE-100 was supported by Oil & Gas Exploration Companies with 210, Fertilizer with 125.38, Power Generation & Distribution with 56.7, Cement with 45.67, and Inv. Banks / Inv. Cos. / Securities Cos. with 34.54 points.
Companies adding points to the index were PPL with 88.59, ENGRO with 75.68, MARI with 70.34, HUBC with 42.91, and OGDC with 42.88 points.
In the broader market, the All-Share index was at 43,619.45 with a net gain of 350.51 points.
To note, the KSE-100 has gained 24,423 points or 58.92% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 3,425 points, equivalent to 5.48%.
