Share prices climb to historic high at Pakistan Stock Exchange
By News Desk
November 16, 2023 01:21 PM
The staff-level agreement with the International Monetary Fund (IMF) was very well received at the Pakistan Stock Exchange (PSX) on Thursday as the share prices pushed the index to a new historic high, reported 24NewsHD TV channel.
The stocks soared by 716 points enabling the benchmark KSE-100 index to smash through the 57,000 mark again which ended the day at 57,397.
Auto assemblers, chemical, OMCs, refineries and pharmaceuticals were trading in the green.
Pakistan and the IMF had on Wednesday reached staff-level agreement on the first review under the South Asian country's Stand-By Arrangement (SBA).
The agreement is subject to approval of the IMF’s Executive Board. Upon approval, around US$700 million (SDR 528 million) will become available bringing total disbursements under the programme to almost US$1.9 billion.
Reporter Rana Ayaz