Pakistan stock market keeps bullish streak for second successive day
Business
The upward trend in PSX is in anticipation of a deal with the IMF which is expected next month
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) remained bullish for the second day on Thursday while the rupee too performed well against the US dollar.
At 11:30am, the PSX gained 654 points as a result of which KSE-100 index reached 58,856 points.
The upward trend in PSX is in anticipation of a deal with the International Monetary Fund (IMF) which is expected next month.
RUPEE GAINS
On the other hand, the greenback was slightly on the backfoot as it lost 13 paisas in the early morning trading to 285.
On Wednesday, the dollar closed at 285 rupees 13 paisas in the interbank.
Also read: Bullish stocks propel KSE-100 Index over 58,000, rupee makes gains against dollar
The Pakistan Stock Exchange remained bullish on Wednesday with a 1.44 per cent surge, as the rupee too performed well against the US dollar amid improved macroeconomic indicators. It means the improvement in investors’ confidence made the KSE-100 breach another ceiling and setting a new high in its history after a successful review of the $3 billion stand-by arrangement gave a clear message that the government would have to deal with issues like circular debt and reforming the energy sector.
