Rupee continues to appreciate
KARACHI: Friday continued the positive Pakistan Stock Exchange (PSX) sentiment built on Thursday, and posted 353.99 points gain by 11 AM. The market was seen hovering around 62,406.22 points around noon, after opening at 62,052.23 on the final trading day of the week.
Last week, the PSX fluctuated severely owing to profit taking and market correction marking the better part of trading activity through the five days.
This week, after Monday’s holiday, the index opened on Tuesday with a bearish sentiment and plunged down by over 1,200 points by within two hours of trading. Wednesday followed the same fluctuating tone but managed to recover some of the day’s losses by noon. The index had gained 1,189 points to close at 62,052 by the day-end.
Thursday saw the benchmark KSE-100 index gaining notably and closing above the 62,000 mark with an impressive rise of nearly 1,200 points. The market received substantial backing from notable institutional buying, contributing to the optimistic investor sentiment.
Market analysts attribute the sustained bullish trend to institutional buying, driven by year-end considerations and the decreasing government bond yields amid expectations of lower inflation and interest rates.
The continued recovery of the Pakistani rupee and a decline in government bond yields further supported the upward momentum.
More From Daily The Destination: Rupee gains ground: Strengthens against US Dollar
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Rupee
The Pakistani Rupee (PKR) continued to appreciate against the US dollar (USD) in the interbank market on Friday, marking a recovery of 18 paisa.
As of the latest update, the value of the US dollar against the local currency stands at Rs 281.75, reflecting a notable drop from its closing position at Rs 281.93 in the previous interbank trading session.
The Rupee exhibited resilience against the greenback, overcoming initial resistance to surge by a substantial 43 paisa, ultimately settling at Rs 281.50 in the interbank market.
Simultaneously, a positive trend is evident in the Pakistan Stock Exchange (PSX), with the KSE 100-index experiencing a noteworthy increase of 215 points, reaching the benchmark of 62,267 points. This positive economic momentum is attributed to the upcoming general elections in 2024 coupled with positive expectations from the upcoming International Monetary Fund (IMF) review.
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