April,12(A. E Report)—— Pakistan Stock Exchange (PSX) witnessed a bullish intra-day session with over 300 points increase where benchmark KSE-100 index was hovering above the 40,000 level at mid-day, the benchmark index was being traded at 40,127.97, an increase of 323.26 points or 0.81%.
Buying across-the-board was witnessed with the index-heavy sectors including, automobile, cement, chemical, commercial banks, pharmaceuticals and refinery trading in the green.
Experts said that the improvement in market sentiments comes amid reports that the United Arab Emirates (UAE) is likely to confirm financing of $1 billion in the coming days.
Minister of State for Finance, Dr Aisha Ghaus Pasha said a day earlier of Saudi Arabia assurance to International Monetary Fund (IMF) of providing a $2 billion loan to the South Asian country.
However, the IMF agreement still rests on a similar commitment from the United Arab Emirates for a $1 billion loan, added the minister.
Talks with the IMF for a delayed $1.1 billion loan tranche, part of the bailout agreed upon in 2019, have dragged on and foreign exchange reserves have fallen to less than four weeks of imports.
Meanwhile, the Fund revised downward the GDP growth rate projection for Pakistan from 2% to 0.5% for the current fiscal year.
Pakistan Rupee Exchange Rate