Pakistan stocks rise 3 pct after govt announces IMF bailout intention

ISLAMABAD: Pakistan stocks surged 3 percent in early trading on Tuesday after the new government said overnight that it plans to seek a bailout from the International Monetary Fund (IMF).

The Pakistan Stock Exchange's benchmark 100-share index rose as high as 39,027.34 in early trading, after closing at 37,898 on Monday.

On Monday evening, Pakistan's finance ministry said it was approaching the IMF for assistance to help stabilise the economy that is battling a balance of payments crisis amid a shortage of dollars and dwindling foreign currency reserves. (Reporting by Drazen Jorgic; Editing by Muralikumar Anantharaman)