KSE-100 gains 452 points on expected IMF deal this week.

Share prices rose on Monday with the benchmark KSE-100 index gaining 452.03 points, or 1.08 per cent, to reach 42,246.69 points at 10:38am.

Intermarket Securities' Head of Equity Raza Jafri attributed the gains to market expectations that the government would clinch a desperately needed staff-level agreement (SLA) with the International Monetary Fund (IMF) this week.

'The reported extension in Saudi Arabia's deferred oil facility by a year is also being looked upon favourably,' he added.

Aba Ali Habib Securities' Head of Research Salman Naqvi also shared the view, saying the primary reason for the KSE-100's rise was the expectation of the SLA being signed soon.

Besides this, there were reports that the international money lender had given the government till June to privatise state-owned corporations and resolve the circular debt in the gas sector, he said. As a result, share prices of state-run companies such as Oil and Gas Development Corporation (OGDC), Pakistan Petroleum Limited (PPL) and Sui Southern Gas Company Limited (SSGCL), which are index heavyweights, rose, Naqvi added.

The analyst noted that the earnings season was also going on. 'The exploration and production sector performed well; the cement sector saw record quarterly profits and the steel sector also performed well as a result; and the tech sector...

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