October 24, 2018 / 6:10 AM / a month ago

Pakistani stocks jump 3.3 pct on Saudi offer of $6 bln rescue package

ISLAMABAD, Oct 24 (Reuters) - Pakistani shares soared 3.3 percent 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 package, 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. (Reporting by Drazen Jorgic Editing by Robert Birsel)

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