Follow Us on Google News
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed higher by over 1% on Friday as bulls dominated at the index despite profit-taking witnessed during the session.
At close, the benchmark index settled at 66,130.02, up by 679.83 points or 1.04%.
Sectors that contributed positive included E&P, fertiliser, banking, power, auto, OMC, chemical, pharma, and technology.
On Thursday, the KSE-100 Index had closed higher after back-and-forth trading and settled at 65,450.19, up by 170.03 points or 0.26%.
Experts said the momentum comes amid renewed interest from international companies in the country, raising hopes of increased foreign exchange inflows.
Moreover, market remains confident amid an expected release of funds by the International Monetary Fund (IMF) next month, said experts.
The IMF’s executive board will meet on January 11 to consider the final approval to disburse the $700 million tranche from its current loan programme with Pakistan.
In a positive development, Aramco, one of the world’s leading integrated energy and chemicals companies, signed definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”).