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

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 per cent, to reach 45,079 by 10am.

So far, commercial banks contributed 116 points to the benchmark index, followed by cement stocks with 82 points.

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.

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) programme after a year of virtual suspension followed by $1.3bn commitment from the World Bank has also improved investor confidence.

Commenting on the development, newly-appointed Finance Minister Hammad Azhar said: “With five, 10 and 30 year Eurobonds at 6pc, 7.375pc and 8.875pc, leading global investors showed great confidence in our country’s economy and future outlook.”