Market analysts are attributing the hike to declining inflation, stable Pakistani Rupee as well as overall improving economic indicators.
Stock market stable despite political instability; pierces through 83,000 points. Despite the heating political climate in Punjab and the capital, the Pakistan Stock Exchange (PSX) continues its upward journey unfettered. On Friday morning, the benchmark KSE-100 index pierced through 83,000 points mark to touch the morning’s highest at 83,182.37 points.
Towards the mid-day closing for Jummah break, the index was hovering at 83,166.28 points, with gains of 444.52 points above the opening level of 82,721.76 points. This comes a day after the index touched the highest ever of 82,958.73 points on Thursday.
Market analysts are attributing the hike to declining inflation, stable Pakistani Rupee as well as overall improving economic indicators.
IMF tranche boosts Pakistan’s foreign exchange reserves
Pakistan’s total foreign exchange reserves reached US$ 15.98 billion during the week ended on 27th September after receiving the International Monetary Fund (IMF) tranche.
In a statement, the State Bank of Pakistan (SBP) said that the increase in reserves is mainly due to the receipt of US$ 1,026.9 million from IMF under EFF program.
“During the week ended on 27-Sep-2024, SBP reserves increased by US$ 1,168 million to US$ 10,701.7 million,” the statement added.
Meanwhile, Pakistan’s net foreign reserves held by commercial banks stood at US$ 5.28 billion.
Earlier, it was reported that Pakistan’s total foreign exchange reserves stood at US$ 14. 87 billion during the week ended on 20th September 2024.
According to a statement issued by the central bank, Pakistan’s reserves held by the SBP increased by US$ 24 million to US$ 9.53 billion during the period.
The country’s net foreign reserves held by commercial banks stood at US$5.33 billion during the period.
“During the week ended on 20-Sep-2024, SBP reserves increased by US$ 24 million to US$ 9,533.6 million,” the statement added.
