News
March 29, 2024
Pakistan Benchmark Share Index Hits Record High, IMF Cheer Continues
KARACHI: Pakistan's benchmark stock index hit all-time intraday and closing highs on Thursday, extending a rally following a staff level agreement with the International Monetary Fund earlier this month to free up more financial aid for the country.
The benchmark KSE-100 touched a record high of 67,246.02 points in intraday trade, surpassing its previous high of 67,093.96 touched on Dec 13, before settling at 67,142.12 - a record closing high.
"Foreign and local institutions buying amid positive news on privatization and IMF," Topline Securities' Mohammed Sohail said.
Overall, the index rose 594.34 points on Thursday, up 0.89% from the previous day's close.
Pakistan and the IMF reached a staff level agreement on the second and last review of a nine-month, $3 billion Standby Arrangement, which, if cleared by the global lender's board, will release about $1.1 billion to the struggling South Asian nation.
Both sides have also spoken about negotiating a longer-term bailout and continuing with necessary policy reforms to rein in deficits, build reserves and manage soaring debt servicing.
Pakistan's new government has also resolved to follow through with a long delayed privatization process of loss-making state-owned enterprises that have drained critical funds from the cash-strapped government. - Reuters
Courtesy Reuters
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