The Pakistan Stock Exchange (PSX) reaches historic milestone as the benchmark index crossed the 70,000 mark on Tuesday on factors including hopes of a new International Monetary Fund (IMF) deal.
The benchmark KSE-100 index gained 694.73 points or 1% during the intraday trading to reach 70,314.71 points, up from the previous close of 69,619.98 points. Saudi Arabia pledged to accelerate the first instalment of a $5 billion investment in Pakistan, with Islamabad vowing to streamline the process to bolster economic cooperation between the two nations.
This commitment was made during a meeting between Saudi Crown Prince Mohammed bin Salman and Prime Minister Shehbaz Sharif in Makkah on Sunday night. The prime minister was on a three-day visit to seek economic assistance from the kingdom. Mohammed Sohail, CEO of Topline Securities, in a post-market note, said the stock market crossed the 70,000 mark amid positive news on Saudi investment and deposits.
“Continuous foreign buying [is] also helping equities. KSE-100 is now up almost 70% from June end,” he added. Samiullah Tariq, head of research at Pak-Kuwait Investment Company, told the media that the market is hopeful of a new IMF deal.
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