Pakistani shares soar 3.3 pct on USD 6 bln Saudi rescue package
The Pakistan Stock Exchange's benchmark 100-share index rose 1,256.29 points to trade at 38,971.19 at 10.34 a.m. (0534 GMT), according to the bourse's website.
- Country:
- Pakistan
Pakistani shares soared 3.3 per cent in early trading on Wednesday after overnight news that staunch ally Saudi Arabia has offered a $6 billion rescue package for the economy.
The Pakistan Stock Exchange's benchmark 100-share index rose 1,256.29 points to trade at 38,971.19 at 10.34 a.m. (0534 GMT), according to the bourse's website.
The $6 billion packages, combining a $3 billion loan to shore up Pakistan's depleting foreign currency reserves and $3 billion in deferred oil payments, far exceeded analyst expectations of what Saudi Arabia would offer.
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