KARACHI:The Pakistan Stock Exchange (PSX) on Thursday witnessed a positive momentum as the benchmark KSE-100 Index gained more than 633 points. Traders said the market reacted positively to reports about expected inflows from Saudi Arabia.
The benchmark index opened positively and maintained its momentum throughout the trading session, closing at 40,350.89, an increase of 633.74 points or 1.6%. Across-the-board buying was observed, and index-heavy sectors such as automobile, cement, chemical, commercial banks, oil & gas exploration companies, and OMCs settled with gains.
According to business analysts, the upward momentum in the market was driven by reports that the Kingdom of Saudi Arabia has assured the International Monetary Fund (IMF) of depositing $2 billion in Pakistan, which is a crucial step for the revival of the IMF’s bailout programme.
Experts believe the programme’s revival is essential to stabilise the economy, which has been severely hit by a dollar shortage in recent months, with reserves held by the central bank treading at critically low levels.
Saad Khan, Head of Research at IGI Securities, was quoted by media as saying that “the positive sentiment is led by news regarding Saudi Arabia, moreover, inflows of $1 billion deposits from the UAE are also expected this week.”
