PSX roars with investors optimism as banking stocks soar
Business
PSX roars with investors optimism as banking stocks soar
KARACHI (Web Desk) – The Pakistan Stock Exchange (PSX) on Wednesday saw a busy business day as investors accumulated banking stocks ahead of the upcoming policy rate announcement during the next week.
Topline Securities said the increase after the signing of a $3 billion Stand-By Arrangement with the IMF had added a total of 5,230 points or 12.6 per cent to the representative index of the PSX.
Another highlight of the day was the upswing in the rupee value, which gained 0.52pc after eight sessions of continuous devaluation.
The probable reasons of rise in PSX points is said to be the rollover of Chinese safe deposits of $1 billion as well as the central bank’s permission to exchange companies for exporting foreign currencies other than the dollar via cargo/security companies and repatriate an equivalent dollar amount within five days in their bank accounts.
That resulted in the KSE-100 index at 46,682.53 points, up 265.19 points or 0.57pc from the preceding session.
The overall trading volume increased 34.2pc to 429.5 million shares. The traded value went up 37.8pc to Rs14.1bn on a day-on-day basis.
Foreign investors were net buyers as they purchased shares worth $0.37m.
