PSX continues record-breaking spree

KARACHI: Pakistan Stock Exchange (PSX) on Monday continued its record-breaking streak as the KSE-100 index closed at its highest ever level of 70,544 points, ARY News reported.

During intra-day trading, the stocks gained 229 points to reach 70,544 points for the first time in history of Pakistan as investors remained buoyant amid hopes of investment from Saudi Arabia.

Meanwhile, a high-level Saudi delegation, led by Foreign Minister Prince Faisal bin Farhan bin Abdullah will land in Pakistan today on a two-day official visit, from April 15 to 16.

The development came after Crown Prince Mohammed bin Salman Al Saud, during a recent meeting with Prime Minister Shehbaz Sharif, reaffirmed that Riyadh would never leave Islamabad alone.

The delegation consists of Saudi Minister of Water and Agriculture, Eng Abdul Rahman Abdul Mohsen Al-Fadley, Minister of Industry and Mineral Resources, Bandar Ibrahim AlKhorayef, Deputy Minister of Investment, Badr AlBadr, Head of Saudi Special Committee, Mohammad Mazyed Al Towaijri, and senior officials from Ministry of Energy and Saudi Fund for General Investments.

The Saudi delegation is expected to hold meetings with the President, the Prime Minister, the Foreign Minister and counterpart Ministers, the Chief of Army Staff and Apex Committee of SIFC.

The visit is aimed at lending positive impetus to enhanced bilateral cooperation and mutually rewarding economic partnership.

In an official statement, Foreign Office spokesperson Mumtaz Zahra Baloch said that the visit takes place essentially to expedite follow up on the understanding reached between PM Shehbaz and Crown Prince Mohammed bin Salman during their recent meeting in Makkah to enhance bilateral economic cooperation between the two countries.