Pakistan's benchmark share index rises as much as 1.5%

A arrived in Pakistan on Sunday for talks on , particularly in the exploration and production sectors.

Adnan Sheikh, assistant vice president at , said the market was up following news of the delegation's arrival along with an regarding a mission visit.

"The PSX is still very cheap with price to earnings ratio of under 5x compared to average of 8x," Sheikh added.

Pakistan last month completed a short-term $3 billion programme, which helped stave off , but the government of Prime Minister Shehbaz Sharif has stressed the need for a new longer term programme.

An mission is expected to visit Pakistan this month to discuss a programme, the lender said on Sunday ahead of Islamabad beginning its annual budget-making process for the next financial year.

The IMF did not specify the dates of the visit, nor the size or of the programme.

Earlier, in an interview with Reuters, said the country hoped to agree the outlines of a new IMF in May.

Pakistan is expected to seek at least $6 billion and request additional financing from the Fund under the .