$1.2b IMF loan spurs market rally

Karachi : Pakistani stocks ended higher yesterday following the approval of $1.2 billion (Dh4.41 billion) loan payment from the International Monetary Fund (IMF), but dealers said turnover was thin as investors were cautious.

The Karachi Stock Exchange benchmark 100-share index .KSE ended 119.31 points, or 1.28 per cent, higher at 9,422.23 on turnover of 107.28 million shares.

"The market rallied on the IMF approval although volume remained muted due to the long weekend," said Assad Iqbal, managing director at Esmail Iqbal Securities Ltd.

Pakistan's stock market will be closed from today to Monday for various holidays.

The IMF approved a fourth tranche, worth $1.2 billion, of a $11.3 billion standby arrangement on Wednesday, a big boost for a top US ally in the fight against terror.