Shares at PSX on the rise as KSE-100 index gains 588 points

By Muhammad JuniadPublished 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.