Monday, September 26, 2022

PSX opens in green as KSE-100 index gains 426 points

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KARACHI: The Pakistan Stock Exchange (PSX) opened up in green and the KSE-100 index gained 426 points in the initial trading on Monday, over reports of funds coming to Pakistan from the United Arab Emirates and the International Monetary Fund (IMF).

The PSX is currently trading at 43,282 points after the KSE-100 index continued its upward trend from the last week.

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.

Read more: Gold prices witness decline in domestic market

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

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 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.

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