KSA loan revives investors’ confidence as KSE-100 index gains over 1200 points

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KARACHI: Saudi Arabia’s $12bn loan package to Pakistan has done well to boost the investors’ confidence in Pakistan as its benchmark KSE-100 index surged by 1,227 points on Wednesday.

The KSE-100 index stands at 38942.53 points after the rise in 1,227 points. When the stock market opened on Wednesday, the index gained by 3.26 per cent.

The development happened one day after Prime Minister Imran Khan went to Saudi Arabia to participate in the Future Investment Initiative conference being held in Riyadh.

An MoU was signed between the finance ministers of Pakistan and Saudi Arabia according to which the latter would loan Pakistan $3bn for a period of one year as support for its balance of payments.

It was also agreed that a one-year deferred payment facility for the import of oil, up to $3 billion, will be provided by Saudi Arabia for three years.