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PSX Closing Bell: Sell the News
September 27, 2024 (MLN): The rally in Pakistan stocks that drove them to their all-time highs hit a wall as market experienced the widely known 'buy the rumor, sell the news' phenomenon after the International Monetary Fund approved the much-awaited $7 billion loan package.
The benchmark KSE-100 Index concluded Friday's trading session at 81,292.13, showing a decrease of 365.83 points or 0.45%.
The Executive Board of the IMF on Wednesday approved a 37-month Extended Arrangement under the Extended Fund Facility (EFF) for Pakistan worth around $7bn. The Board’s decision allows for an immediate disbursement of about S$1bn.
Traders had piled into stocks in anticipation, which had sent the equity market to fresh records. However, the index closed in the red on both Thursday and Friday following the approval.
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