KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) extended its gains on Friday, fueled by a surge in buying activity following Saudi Arabia's decision to extend a $3 billion deposit in Pakistan for another year."
During intraday trading, the KSE-100 index gained 965 points to reach 167,249.07 points, reflecting a positive change of 0.58% compared to previous close of 166,283.55 points.
A day earlier, Saudi Arabia has extended a $3 billion deposit placed in the State Bank of Pakistan’s (SBP) account for another year, a move that will strengthen the foreign exchange reserves of the country.
In November 2021, the central bank entered into a deal with the Saudi Fund for Development (SFD) for a $3 billion deposit aimed at strengthening the country’s foreign exchange reserves.
The extension represents a further continuation of Saudi Arabia's support to Pakistan. It aims to bolster Pakistan’s foreign exchange reserves and support the country's economic growth and development.
On Thursday, the benchmark KSE-100 Index closed on a positive note, increasing by 138.20 points, a appositive change of 0.08 percent, to settle at 166,283.55 points compared to 166,145.35 points on the previous trading day, according to PSX data.
During the session, the ready market recorded a trading volume of 607.790 million shares with a traded value of Rs31.224 billion, compared to 593.078 million shares valuing Rs44.424 billion in the previous session. Market capitalization rose to Rs18.948 trillion from Rs18.915 trillion.
Out of 477 active companies in the ready market, 203 advanced, 223 declined, while 51 remained unchanged.