PSX Crosses 49,000 points Mark to Hit Six-year High Level: On Thursday, the Pakistan Stock Exchange (PSX) witnessed a bullish trend with the KSE-100 index crossing the 49,000 points level for the first time in 6 years.
During the intraday session, the KSE-100 index recorded a remarkable increase from 374 points to 49,134 points after reflecting a 0.77 percent jump. The last time the index reached this milestone was on June 9, 2017.
The market has gained a total of 7,686 points (equivalent to an 18.5% increase) since the staff-level agreement with the International Monetary Fund (IMF) for a $3 billion Stand-By Arrangement.
Under the terms of the agreement, the South Asian country is set to receive $3 billion over the span of nine months under the terms of the agreement.
The new SBA is expected to play a crucial role in supporting the authorities’ efforts to stabilize the economy, particularly in response to recent external shocks.
It also serves to preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners.
Furthermore, the new SBA opens up opportunities for social and development spending by promoting improved domestic revenue mobilization and careful spending execution, all aimed at addressing the needs of the Pakistani people.
