PSX rallies on the back of Chinese loan agreement

KSE-100 rises by over 500 points before profit-taking spree
Jun 23, 2022

The Pakistan Stock Exchange (PSX) on Thursday witnessed a rally a day after Finance Minister Miftah Ismail announced that the Chinese banks had signed a $2.3 loan for Pakistan and news reports indicated that talks between Pakistan and the IMF had made headway.

The KSE-100 index rose 525 points by midday to 42,983 points before investors went into a profit-taking spree towards the end of the trading session.

The market closed 258.83 points higher at 42,716.97 on Thursday.

Energy companies including the K-Electric were the top traded scrips. Bata (Pak) and Mehmood Textile were the to gainers while Sapphire Fiber and Thal Ind.Corp proved top decliners.

On Wednesday, the PSX had closed in the red after the initial rally.

The news about the Chinese loan has also propped up the value of the rupee which gained around Rs4 against the US dollar in the interbank market.

This is a developing story and will be updated accordingly.

PSX

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