Abb Takk News

PSX Remains Bullish As KSA Agrees To Provide $3 billion

Karachi (October 24, 2018): The Pakistan Stock Exchange registered gains on Wednesday, as its benchmark KSE-100 index surged by 1,227 points to reach 38942.53 points.

The index gained by 3.26 per cent as the market opened on Wednesday, a day after Saudi Arabia agreed to provide $3 billion to Pakistan as balance of payment support during Prime Minister Imran Khan’s visit to the kingdom.

The US dollar also fell by Rs1.21 against the rupee in the interbank market, and was trading at Rs132.70 in the early hours.

Earlier on Tuesday, a statement from Prime Minister Imran Khan’s office said that Saudi Arabia will provide Pakistan with a deposit of $3 billion for a period of one year as “balance of payment support”.

Click Play Button To Watch This Video

The development comes as PM Imran visited Riyadh where the prime minister launched a charm offensive targeting potential investors as Pakistan seeks to secure funds amid a yawning balance of payment crisis.

Apart from attending the Future Investment Initiative (FII) conference, the Pakistani premier also met with King Salman bin Abdul Aziz and Saudi Crown Prince Mohammad bin Salman to discuss matters of mutual interest.

Click Play Button To Watch This Video

According to the statement, the visit by the Pakistan premier to the kingdom has resulted in significant understandings between the two countries.

Far-reaching decisions on bilateral economic and financial cooperation were also agreed during the meetings with Saudi leadership, the statement said.

Related News:

Saudi Arabia Agrees To Provide Pakistan $3B Financial Aid

PM Imran Meets Saudi King Salman Bin Abdulaziz