ISLAMABAD: As was expected, the KSE-100 benchmark index of the Pakistan Stock Exchange (PSX) continued its bullish trend to break another record by crossing 60,000 points for the first time in its history.
The market gained 611 points to reach 60,423 points at 10:00 in the morning on Tuesday.
On Monday, the KSE index breached 59,811 points indicating that it will hit another record on Tuesday morning. The PSX index obtained 725 points or 1.23% to close at 59,811.34. Analysts said the equities market has been thriving since the successful first review with the International Monetary Fund (IMF), which will lead to the release of the next loan tranche.
Moreover, Finance Minister Dr Shamshad Akhtar also said she hopes the IMF tranche will serve as a catalyst for subsequent contributions from other bilateral donors of around $1.5 billion.
In addition to the IMF deal, analysts have attributed the performance of the market to fiscal discipline by the government as well as a clampdown on the smuggling and manipulation of the dollar.
Meanwhile, on Monday, Caretaker Prime Minister Anwaarul Haq Kakar announced in a video message on Monday that Pakistan and the United Arab Emirates (UAE) have signed multi-billion memorandums of understanding across various sectors.
He mentioned the presence of Pakistan’s Army Chief General Asim Munir and federal ministers, alongside key ministers from the UAE during the signing ceremony.
Caretaker Information Minister Murtaza Solangi shared the video message, wherein the interim PM highlighted that the agreements marked the beginning of a new era in economic cooperation, regional stability, and strategic collaboration between the two countries.
PM Kakar expressed optimism that the tangible projects arising from these MoUs would have a positive impact on Pakistan’s economy. He emphasized the continuation of the strong friendship initiated by Sheikh Zayed bin Sultan Al Nahyan in the 1970s, now carried forward to a new era by his son Sheikh Mohammed bin Zayed Al Nahyan.
PM Kakar arrived in the UAE on November 26, receiving a warm welcome from UAE Minister for Justice Abdullah Sultan bin Awad Al Nuaimi and Pakistani diplomatic staff at Abu Dhabi’s Al-Bateen Airport.
This development follows the approval by the caretaker federal cabinet of seven MoUs with Kuwait, paving the way for $10 billion in investments from Kuwait to Pakistan. The agreements are scheduled to be signed during Prime Minister Kakar’s visit to Kuwait. The cabinet granted approval during a meeting on November 24, presided over by Prime Minister Kakar in Islamabad.
