The Pakistan Stock Exchange (PSX) witnessed a bullish trend on Friday as investors reacted to the announcement of a $10 billion investment by the United Arab Emirates (UAE) and anticipation of an agreement with the International Monetary Fund (IMF).
According to the PSX website, with the opening bell, the benchmark KSE-100 index traded positively. By 12:00 pm, the benchmark index gained 956.44 points, or 1.27%, reaching the highest level of 76,070.91.
At the day’s end, the benchmark index closed the session at 75,983.03, gaining 868.56 points or 1.16% from the previous close of 75,114.47 points.
Buying activity was observed across key sectors including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, OMCs, and refineries.
On Thursday, the United Arab Emirates (UAE) announced the allocation of $10 billion for investment in key economic sectors in Pakistan.
This announcement followed discussions between UAE President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister of Pakistan Shehbaz Sharif.
Pakistan authorities and the IMF made “significant progress” towards a staff-level agreement on a new program, according to an IMF statement released on Friday.
The KSE-100 regained the 75,000 level on Thursday, settling at 75,114.47, up by 157.8 points or 0.21%.
