KARACHI – The Pakistan Stock Exchange (PSX) witnessed bullish trend on Thursday as the KSE-100 index crossed the 49,000 points level for the first time in six years.
During intraday session, KSE-100 index went up by 374 points to 49,134 points after witnessing 0.77 percent jump. It has last crossed the level on June 9, 2017.
The market has gained 7,686 points (+18.5%) since staff level agreement with the International Monetary Fund (IMF) for a $3 billion Stand-By Arrangement (SBA).
The South Asian country will receive $3 billion over a period of nine months under the agreement, which was reached at the eleventh hour.
The new SBA will support the authorities’ immediate efforts to stabilize the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners.
It will also create space for social and development spending through improved domestic revenue mobilization and careful spending execution to help address the needs of the Pakistani people.
