UAE’s non-oil economy remains strong in July as PMI stands at 56

UAE’s non-oil economy remains strong in July as PMI stands at 56

Pakistan's stock market closes at highest level in 6 years amid increasing investor confidence

KARACHI: Pakistan Stock Exchange’s (PSX) key index on Wednesday closed at 48,765 points, the highest level it has crossed in six years, with analysts attributing bullish sentiments to factors such as Islamabad's deal with the International Monetary Fund (IMF) for a bailout program and much-needed financial support from Saudi Arabia and the UAE.   

Pakistan received critical financial support from Saudi Arabia and the UAE in June, with the two countries depositing $2 billion and $1 billion respectively in Pakistan's central bank before the IMF's Executive Board approved a $3 billion standby agreement (SBA) with Islamabad.

The benchmark KSE100 index surged by 534 points to close at 48,765 points on Wednesday. Previously, the market closed at 49,527 points on June 09, 2017, according to data shared by the PSX and leading Pakistani securities and research firm, Arif Habib Limited (AHL).  

“A number of factors have played a key role in keeping bullish trends up at the capital market and closing the index at the higher side after six years,” Shahid Ali Habib, CEO of AHL, told Arab News. 

Habib said major developments at the political and economic fronts continue to