In a remarkable surge, the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) soared past the coveted 48,000 points milestone, propelled by a robust gain of over 1,000 points during the opening hours of the trading week’s final day. The PSX’s upward trajectory has been significantly buoyed by a series of favorable factors, including substantial investment pledges from Gulf nations totaling a staggering $25 billion. A wave of optimism swept through the market following reports of potential strategic investments by Gulf countries. Prominent among these is the prospect of Saudi Arabia acquiring a stake in a colossal copper mining project situated in western Pakistan.

Developed at a substantial cost of $7 billion by Canada’s Barrick Gold, the mine has drawn considerable attention, with insiders revealing that negotiations between Saudi Arabia and project stakeholders are actively underway. Separate discussions have also gained substantial traction, as talks between Saudi officials and their Pakistani counterparts approach the final stages for the establishment of a state-of-the-art Saudi oil refinery within Pakistan’s borders. Estimated to carry a price tag of up to $14 billion, this ambitious venture holds the promise of significantly bolstering economic ties between the two nations. A milestone achievement that has further fueled the market’s upward trajectory is the International Monetary Fund’s (IMF) recent approval of an innovative scheme to alleviate the circular debt plaguing the gas sector.

Credit: Independent News Pakistan (INP)