Pakistan Stock Exchange records fresh gains
Last updated on: 07 November,2018 11:29 am
The Karachi Stock Exchange 100 Index (KSE-100 Index) has crossed 41,570 level.
KARACHI (Dunya News) - Pakistan capital on Wednesday recorded fresh gains and registered an increase of more than 611 points in intra-day trading.
The Karachi Stock Exchange 100 Index (KSE-100 Index) has crossed 41,570 level.
According to experts’ view, the recorded gain appeared after the statement of the Minister for Finance Asad Umar yesterday (Tuesday) said the country was no more facing balance of payment crisis and hoped that the country would soon get rid of this issue forever.
Earlier, Prime Minister Imran Khan struck a 12-month deal for a balance of payments lifeline during a visit to Saudi Arabia, which will deposit $3 billion with Pakistan’s central bank and provide a matching deferred payment facility for oil imports.
The government has also entered talks with the International Monetary Fund (IMF) as it seeks a potential bailout package to stem its balance of payment and current account deficits.
The relief package of October 25, will likely to lessen the amount of funds the country needs to secure from the IMF, analysts said.
Pakistan might get a $6-7 billion financial package from the IMF in the wake of the Saudi deal.
An IMF team is set to arrive in Pakistan in early November to begin negotiations.