KARACHI: Pakistan Stock Exchange reached a new a high, as the benchmark KSE-100 Index shattered the 71,000 barrier during intraday trading on Tuesday, as possible Saudi investment deals boosted the hopes of economic revival in a country where high borrowing costs and energy prices have crippled the economy.
Saudi Finance Minister Prince Faisal Bin Farhan Al Saud is in Islamabad on a two day visit to talks with the country’s top leadership and finalise billions of dollars investment – a move that is likely to pave the way for others to join the trend due to the influence and trendsetting nature of Saudi Arabia.
By 11.39am PST, the KSE-100 Index was recorded at 70,906.59 with a gain of 362.01 points, or 0.51 per cent after touching an intraday high of 71,092.61.
The surge coincides with Finance Minister Muhammad Aurangzeb’s remarks, who told AFP in an interview that Pakistan had initiated discussions with the IMF (International Monetary Fund) over a new multi-billion dollar loan agreement to support its economic reform programme.
“I do think that we will at least be requesting for a three year programme,” Aurangzeb said. “Because that’s what we need, as I see it, to help execute the structural reform agenda.”
Separately, he said at an event at the Atlantic Council think tank in Washington that the purpose was to agree the strategies with the IMF, and get the EEF (Extended Fund Facility) in place as quickly as possible.
