PSX stocks bullish after Saudi economic package for Pakistan

KARACHI: Pakistan Stock Exchange (PSX) registered bullish trend as the benchmark 100-Index goes up by 1500 points on Wednesday.

According to market sources, Prime Minister Imran Khan’s visit to Saudi Kingdom and announcement of Saudi economic package for Pakistan is the major cause of positive sentiment in the PSX.

Saudi Arabia on Tuesday stepped forward with a six billion US dollars economic package for Pakistan.

The Saudi package includes $3bn balance of payments support and another $3bn in deferred payments for oil imports.

Saudi and Pakistani officials in this regard signed agreements on the sidelines of the second edition of the annual Future Investment Initiative (FII) Conference in Riyadh.

The conference showcases economic and investment opportunities in Saudi Arabia as it pursues Vision 2030 for diversifying its economy. The Pakistani delegation in the moot was led by Prime Minister Imran Khan.

Pakistan’s Foreign Office in a statement said that “A MoU was signed between the Minister of Finance Asad Umar and the Saudi Finance Minister Muhammad Abdullah Al-Jadaan. It was agreed Saudi Arabia will place a deposit of USD 3 Billion for a period of one year as balance of payment support.”

It was further “agreed that a one year deferred payment facility for import of oil, up to USD three billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter”, the foreign office statement said.