Stock Market Milestone
KARACHI – The Pakistan Stock Exchange (PSX) witnessed bullish trend on opening day of the new business week as the KSE-100 index crossed the 48,000 points level for the first time in 24 months.
During the intraday session, the KSE-100 index surged by 977 points to reach 48,054 points after experiencing a 2.07 percent increase. The last time it reached this level was in August 2021.
Since the staff level agreement with the International Monetary Fund (IMF) for a $3 billion Stand-By Arrangement (SBA), the market has gained 6,601 points (+15.9%).
This development also coincides with Pakistan’s preparation to host the Pakistan Mineral Summit, focusing on Reko Diq and other mines and mineral projects, under the Special Investment Facilitation Council (SIFC) aimed at boosting foreign investment.
Stock Market Milestone: As per the standby arrangement, Pakistan is set to receive $3 billion over a span of nine months.
The lack of availability of multilateral and bilateral funds had been a significant obstacle in finalizing Pakistan’s agreement with the IMF. The negotiation process had remained stagnant for over nine months, and the previous arrangement had lapsed.
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The Stand-By Arrangement has granted Pakistan some breathing space, preventing a potential sovereign default, and has assisted the government in streamlining fiscal policies.