Shares close higher following IMF tranche approval
June 28, 2016
KARACHI: Pakistani stocks closed marginally higher after a volatile session on Tuesday, due to positive sentiment after the International Monetary Fund's executive board approved a tranche of a $6.2 billion three-year programme supported by an extended fund facility arrangement.
The board completed the 11th review of Pakistan's economic performance and approved the immediate disbursement of about $501 million, the IMF said in a statement.
The benchmark 100-share index of the Pakistan Stock Exchange closed 0.10 percent, or 37.06 points, higher at 37,076.63.
Sentiment was also boosted after the discovery of oil and gas reserves by Oil and Gas Development Co Ltd, said Fawad Khan, head of research at KASB Securities Pvt Ltd.
Oil and Gas Development gained 2.34 percent, Pakistan Petroleum Ltd rose 1.59 percent and Pakistan Oilfields Ltd increased 0.31 percent.
The rupee ended at 104.77/104.82 against the dollar, compared with Monday's close of 104.82/104.83.Overnight rates in the money market rose to 5.50 percent from Monday's close of 4.50 percent.
