Karachi: The Pakistan Stock Exchange (PSX) extended its positive momentum for the third consecutive trading session, with the KSE-100 index surpassing the 54,000 milestone. This surge was driven by a range of factors, including anticipation of an International Monetary Fund (IMF) review.

During intraday trading, the KSE-100 index recorded a gain of 417.69 points or 0.78%, reaching a level of 54,278.05 points.

Samiullah Tariq, Head of Research at Pakistan-Kuwait, pointed out that factors such as expectations of a rate cut in the monetary policy and robust company profitability contributed to the KSE-100's upward trajectory.

The announcement of general elections also played a role, as investors hoped for increased political stability in the country.

Furthermore, the IMF is currently conducting its review mission in Pakistan to complete the first review under the $3 billion loan program. There is a possibility of releasing the second tranche of $700 million by the end of December 2023 if both parties can reach a staff-level agreement at the conclusion of the discussions.

In the previous trading session, the PSX had experienced a gain of 737.33 points or 1.39%, closing at 53,860.37 points.