The Pakistan Stock Exchange (PSX) achieved a new milestone as the KSE-100 Index ended the session on a record-breaking close on Wednesday.
The benchmark KSE-100 Index gained 961.70 or 1.53% to reach 63,917.72 levels at the closing of the trading session.
Similarly, the KSE-30 Index gained 348.08 points or 1.66% to reach 21,351.74 levels.
The investors’ sentiments improved soon after Pakistan reached a staff-level agreement with the International Monetary Fund on the first review under Pakistan’s Stand-By Arrangement last month.
Upon approval from the IMF Executive Board, around $700 million will become available bringing total disbursements under the programme to almost $1.9 billion.
Earlier today, the Asian Development Bank approved three projects worth a combined $658.8 million oo help Pakistan attain its objective of more equitable and sustainable growth.
According to a statement issued by the ADB, the three projects will improve domestic resource mobilisation, repair schools damaged by the devastating floods in August 2022, and increase agricultural productivity to improve food security.
US Dollar continues to slide
The Dollar continued to dip against the rupee in the interbank foreign exchange market on Wednesday.
The greenback shed 24 paisas to reach Rs284.14 at the closing of the market, as against the closing of Rs284.34 the previous day.
In the open market, the buying of the dollar was recorded at Rs283.3 while it was quoted at 286 for selling at the time of filing the story.