The Pakistan Stock Exchange (PSX) maintained its upward momentum on Monday, driven by positive expectations for the International Monetary Fund (IMF) review. The KSE-100 index rose by 430.52 points, or 0.81%, compared to the previous close of 53,123.03. Last week, the index surpassed its previous record high of 52,876 points achieved in May 2017. The KSE-100 has seen a 30% increase this year, following the approval of a $3 billion loan program by the IMF in July to prevent a sovereign debt default. The IMF delegation arrived in Islamabad last week for loan review talks, which will focus on future reforms under a nine-month bailout package scheduled to be completed in March next year. Today’s market run was attributed to falling interest rates in secondary markets, according to Mohammed Sohail, CEO of Topline Securities. Raza Jafri, Head of Equity at Intermarket Securities, expressed confidence in the ongoing IMF review’s success and highlighted company buybacks as additional driving factors in the market. However, market participants recognize that although the index is at an all-time high in terms of points, it is still undervalued. More updates to follow.