The Pakistan Stock Exchange closed in the green zone after remaining bullish throughout the session on Friday as investors celebrated a boost in the SBP’s foreign exchange reserves.

The benchmark KSE-100 Index gained 522.42 points, or 1.15%, to close at 45,920.73 points.

An analyst at Capital Stake said that the PSX ended the week with a strong recovery as indices accumulated gains all day long while volumes increased from the last day’s closing.

He attributed the bullish sentiment to an improved foreign exchange reserves position this week.

The foreign reserves of the State Bank of Pakistan increased by $4.2 billion to $8.7 billion during the week ending July 14, the central bank said in a statement.

The reserves have almost doubled over a week’s time after Pakistan received $2 billion from Saudi Arabia, $1.2 billion from the International Monetary Fund under a $3 billion standby arrangement and $1 billion from the United Arab Emirates, according to the SBP statement.

Earlier, the local bourse crossed the 46,000 level during intra-day trading as it hovered at the 46,024.80 level.

The equity market witnessed across-the-board buying in several sectors including automobile assembler, chemical, commercial banks, refineries, oil & gas exploration companies and oil marketing companies.