After a 358-point surge, the Pakistan Stock Exchange breaks through the 71000 mark.

With the main KSR-100 index surpassing 71,000 points, the Pakistan Stock Exchange (PSX) witnessed a rise of more than 350 points.

A day after the foreign minister of Saudi Arabia arrived in an Asian country with billion-dollar investment deals, the money market is feeling upbeat.

Following Pakistan’s agreement to unlock the last tranche of a stand-by arrangement with the International Monetary Fund, the stock market has appreciated.

The second and final review of the $3 billion, nine-month Stand-By Arrangement was agreed upon by Islamabad and the IMF at the staff level. The accord will provide Pakistan access to about $1.1 billion if it is approved by the IMF board.

Along with discussing required policy changes to alleviate deficits, accumulate reserves, and control rising debt payment costs, both parties also talked about negotiating a longer-term rescue.

Prime Minister Shehbaz Sharif’s new administration in Pakistan has also pledged to advance the protracted process of privatizing state-owned businesses that have been robbing the government of vital funding.