ISLAMABAD: The Pakistan Stock Exchange (PSX) on Friday gained nearly 3,000 points to close the week at an all-time high, with analysts attributing the bull run to warming United States-Pakistan relations and hopes of an International Monetary Fund (IMF) loan tranche release.
The benchmark KSE-100 index at the PSX gained 2,976 points, or 1.87 percent, to close the weekend trading session at 162,257 points, compared to the previous day’s close of 159,280 points.
Ties have improved between the US and Pakistan as Washington’s relationship with New Delhi has soured over India’s increased purchases of discounted Russian oil amid Ukraine war.
President Donald Trump this year raised tariffs on India for those oil purchases, while the US and Pakistan reached a landmark trade deal in July to allow Washington to help develop Pakistan’s largely untapped oil reserves and lower tariffs for Islamabad.
“Stocks closed new all-time high as investors weigh warming Pakistan-US relations and resolve [to end] over Rs1.225 trillion circular debt,” Ahsan Mehanti of Karachi-based Arif Habib Commodities told Arab News.
