Shares at PSX on the rise as KSE-100 index gains 588 points
Published On 04 Jan, 2023
Shares at the Pakistan Stock Exchange were on the rise since the opening bell on Wednesday with the benchmark KSE-100 index up 588 points, or 1.32 percent, to reach 45,079 by 10 am.
The surge was supported by the government's first foray into the international market that raised $2.5 billion in three dollar bonds of five, 10, and 30 years.
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Receiving over 50pc oversubscription to $5.3 billion, this was the first international capital market transaction since the PTI came to power in August 2018. Last week’s revival of the $6 billion International Monetary Fund (IMF) program after a year of virtual suspension followed by a $1.3bn commitment from the World Bank has also improved investor confidence.
So far, commercial banks contributed 116 points to the benchmark index, followed by cement stocks with 82 points.
