PSX begins trading in green as KSE-100 index rises 622 points

KARACHI: The Pakistan Stock Exchange (PSX) opened up in green and the KSE-100 index ended the day up by 398 points over reports of funds coming to Pakistan from UAE and IMF, ARY NEWS reported.

The PSX traded at 42,494 points after the KSE-100 index continued its upward trend at the end of the day.

The positive sentiment in the PSX came after the International Monetary Fund (IMF) has confirmed that Pakistan has achieved all the set targets for the revival of the Extended Fund Facility (EFF) programme.

Exclusively talking to ARY News, International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending the levy on petrol.

Ruiz said the 7th and 8th reviews have been completed and the IMF Executive Board will meet in the third week of August.

Esther Perez hoped that Pakistan will take steps to narrow the funding gap till the board’s meeting.

Moreover, it was also reported that the United Arab Emirates (UAE) is planning to invest one billion dollars in Pakistan’s economic and investment sectors

Quoting an official source in Abu Dhabi, the state news agency has reported that the move aims at exploring new investment opportunities, expanding bilateral economic relations and to enhance mutual cooperation in projects covering various sectors of the economy.

The UAE investment will likely be channeled to key sectors including gas, energy infrastructure, renewable energy, healthcare, biotechnology, agriculture technology, logistics, digital communications, e-commerce and financial services.