KARACHI – The Pakistan Stock Exchange (PSX) witnessed bullish trend on opening day of the new business week as the KSE-100 index crossed the 48,000 points level for the first time in 24 months.
During intraday session, KSE-100 index went up by 977 points to 48,054 points after witnessing 2.07 percent increase. It has last crossed the point in August 2021.
The market has gained 6,601 points (+15.9%) since staff level agreement with the International Monetary Fund (IMF) for a $3 billion for Stand-By Arrangement (SBA).
The development also comes as the Pakistan is going to hold the Pakistan Mineral Summit regarding Reko Diq and other mines and mineral projects under the Special Investment Facilitation Council (SIFC) to boost foreign investment.
Under the standby arrangement, Pakistan is set to receive $3 billion over a period of nine months.
The availability of multilateral and bilateral funds had been a major hurdle in finalizing Pakistan’s agreement with the IMF. The negotiation process had been stalled for over nine months, and the previous arrangement had expired.
The Stand-By Arrangement has provided Pakistan with some breathing space, averting a potential sovereign default, and has assisted the government in streamlining fiscal policies.
