Pakistan(National Times)- Stocks rebounded on Friday as investor sentiment lifted sharply following an accountability court’s long-awaited verdict in the \u00a3190 million case against former prime minister Imran Khan and his wife, Bushra Bibi, ending weeks-long uncertainty. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Shares Index surged 1,435.34 points, or 1.26%, to close at 115,272.08. \u201cThe market traded higher today after the decision by the courts. The verdict ends the prevalent uncertainty that had created an overhang for the last two weeks,\u201d said Ismail Iqbal Securities CEO Ahfaz Mustafa.\u00a0 He added: \u201cThe current account surplus also helped boost morale, giving investors confidence that the government is still staunchly following the IMF plan.\u201d In a long-anticipated decision, Accountability Court Judge Nasir Javed Rana convicted former Prime Minister Imran Khan and his wife, Bushra Bibi, sentencing them to 14 and seven years in prison, respectively.\u00a0 The court also imposed hefty fines on the couple. This verdict, while politically significant, provided market participants with a sense of closure, removing the element of political uncertainty. Samiullah Tariq, Head of Research at Pak-Kuwait Investment Company, said the better-than-expected balance of payment numbers supported market sentiment. The State Bank of Pakistan (SBP) announced the UAE\u2019s rollover of $2 billion in deposits, providing much-needed fiscal relief. Prime Minister Shehbaz Sharif confirmed the development earlier this week following discussions with UAE President Sheikh Mohamed bin Zayed Al Nahyan. Pakistan\u2019s foreign exchange reserves increased by $30 million to $11.725 billion for the week ending January 10, bolstered by a current account surplus of $944 million during the first five months of FY25.\u00a0 This marks a significant turnaround from the $1.67 billion deficit during the same period last year. Workers\u2019 remittances also surged by 33%, reaching $17.8 billion in the first half of FY25, compared to $13.4 billion during the same period last year. The government\u2019s ongoing efforts to stabilise the economy include plans to issue yuan-denominated Panda bonds, expected to raise $200-$250 million from Chinese investors by the end of the fiscal year.\u00a0 Finance Minister Muhammad Aurangzeb expressed optimism about meeting the IMF\u2019s bailout conditions and noted the positive trajectory in sovereign credit ratings.<\/p>\n","protected":false},"excerpt":{"rendered":"
Pakistan(National Times)- Stocks rebounded on Friday as investor sentiment lifted sharply following an accountability court’s long-awaited verdict in the \u00a3190 million case against former prime minister Imran Khan and his wife, Bushra Bibi, ending weeks-long uncertainty. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Shares Index surged 1,435.34 points, or 1.26%, to close at 115,272.08. \u201cThe […]<\/p>\n","protected":false},"author":2,"featured_media":97050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-97049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","entry"],"yoast_head":"\n