PSX rallies as Saudi Arabia pledges $3bn, KSE-100 nears 170,000

Buying rally continued at the Pakistan Stock Exchange (PSX) as investors rejoiced after the Kingdom of Saudi Arabia committed $3 billion in additional deposits to Pakistan, pushing the benchmark KSE-100 Index above the 170,000 level during the opening minutes of trading on Wednesday. At 9:24am, the benchmark index was hovering at 169,922.18, up by 4,287.34 points or 2.59%. Across-the-board buying interest was observed, including key sectors, i.e. cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including ARL, PRL, OGDC, POL, PPL, MARI, HBL, MCB, MEBL and UBL, traded in the green. In a key development, Finance Muhammad Aurangzeb informed that the Kingdom of Saudi Arabia has committed $3 billion in additional deposits, with disbursement expected in the coming week.