PSX sees sharp increase in shares following news of potential Saudi funding

Oil exploration companies lead rebound in Pakistan's stock market following surge in global oil prices

On Thursday, the Pakistan Stock Exchange (PSX) experienced a significant increase in share prices. The benchmark KSE-100 index rose by 611.95 points, which equals a 1.54% increase.

According to Raza Jafri, the head of equity at Intermarket Securities, this increase was primarily due to reports from the media that Saudi Arabia had confirmed its willingness to provide funds to Pakistan, a key requirement set by the International Monetary Fund (IMF) for a staff-level agreement.

Although the news is still unconfirmed, investors have seized onto it as a potential way to revive the IMF program. Oil exploration companies have led the market rebound, catching up to the recent rise in global oil prices.

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