Shares | Pakistan

Shares at the Pakistan Stock Exchange (PSX) climbed by 1,300 points on Wednesday ahead of the budget announcement on June 10. The KSE-100 index climbed 923.71, or 0.77 per cent, to stand at 121,374.58 from the last close of 120,450.87 at 1:31pm. The index closed at 121,798.86, with a gain of 1347.99 points or 1.12pc. Sana Tawfik, head of research at Arif Habib Limited, attributed the bullish momentum to the news of the approval of a new financial package between Pakistan and Asian Development Bank (ADB). The ADB approved an $800 million programme to strengthen fiscal sustainability and improve public financial management in Pakistan, according to a statement issued by the Philippines-based lender. The statement read that subprogramme 2 of the “Improved Resource Mobilisation and Utilisation Reform Programme” includes a policy-based loan of $300m, and ADB’s “first ever policy-based guarantee” of up to $500m, which is expected to mobilise financing of up to $1 billion from commercial banks. Additionally, Tawfik ...