KARACHI: Bulls continue to roar and take a strong grip on the market on Wednesday as the Pakistan Stock Exchange (PSX) reached another all-time high of 121,000.
The KSE-100 surged to an intraday high of 121,104 after gaining over 600 points, supported by positive sentiments of investors and an improving macroeconomic outlook after the Asian Development Bank approved an $800 million loan under Pakistan’s public finance program.
On Tuesday, the 100-Index of the PSX turned around to bullish trend, gaining 1,573.07 points, a positive change of 1.32 per cent, closing at 120,450.87 points.
A total of 578,163,611 shares were traded during the day as compared to 497,940,020 shares the previous trading day, whereas the price of shares stood at Rs 26.827 billion against Rs 23.450 billion on the last trading day.
ADB on Tuesday approved a $800 million programme to strengthen fiscal sustainability and improve public financial management in Pakistan.
The Improved Resource Mobilization and Utilization Reform Programme, Subprogramme 2, includes a policy-based loan of $300 million, and ADB’s first ever policy-based guarantee of up to $500 million, which is expected to mobilize financing of up to $1 billion from commercial banks.
“Pakistan has made significant progress in improving macroeconomic conditions,” said ADB Country Director for Pakistan Emma Fan. “This programme backs the government’s commitment to further policy and institutional reforms that will strengthen public finances and promote sustainable growth.”
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