KSE back to October 4th position, trading at 40,040 points

KARACHI: On Thursday, the Pakistan Stock Exchange continued its optimistic trajectory, propelled by renewed investor confidence after Saudi Arabia pledged to provide Pakistan with $6 billion in financial assistance.

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The benchmark KSE-100 index gained another 763 points to push the index above 40,000 points. It was trading at around 40,040 points as of 11am.

The last instance when the PSX was trading above 40,000 points was on October 4, 2018, before Pakistan approaching the International Monetary Fund for a bailout package.

 

On Tuesday, a statement from Prime Minister Imran Khan’s office said that Saudi Arabia will provide Pakistan with a deposit of $3 billion for a period of one year as “balance of payment support”.

“It was agreed that Saudi Arabia will place a deposit of USD 3 Billion for a period of one year as balance of payment support,” the statement said.

Saudi Arabia on Tuesday agreed to provide Pakistan US$3 billion for one year as balance of payment support and to provide a one-year deferred payment facility for oil payments, up to $3 billion, a statement from Prime Ministers said.

According to a statement, M Imran Khans visit to Saudi Arabia has resulted in significant understandings between Pakistan and Saudi Arabia.

“It was agreed that Saudi Arabia will place a deposit of USD 3 Billion for a period of one year as balance of payment support,” the statement said.

“It was also agreed that a one year deferred payment facility for import of oil, up to USD 3 Billion, will be provided by Saudi Arabia.

The development comes as Prime Minister Imran Khan visited Riyadh where the prime minister launched a charm offensive targeting potential investors as Pakistan seeks to secure funds amid a yawning balance of payment crisis.

 

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