PSX crosses 66,000 mark on the heels of economic recovery
Business
Dollar sheds value against rupee in interbank
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) kept witnessing bullish trend on Friday.
After gaining 1,340 points, the KSE 100-index crossed 66,000 mark.
The index was trading at 66,058 with an addition of 1,200 points.
The PSX had closed a day earlier at 64,718.08 points. The bullish trend at stock market shows restoration of investors' confidence in policies of the government.
The country’s economy is constantly showing signs of improvement ahead of the release of IMF's second loan tranche.
Reports about Chinese investment worth $1.5 billion in the Pakistan Refinery Limited (PRL) have also encouraged market players, who resorted to heavy buying.
Besides, investors are inspired by the Asian Development Bank’s (ADB) project financing of around $650 million for Pakistan.
Separately, the American dollar shed more value against Pakistani rupee in the interbank on Friday. On last trading day, US dollar witnessed a decrease in its value by 37 paisas in the interbank. The dollar was trading against Pakistani rupee at 283.75 in the interbank.
A day earlier the US dollar was closed against rupee at 284.12.
Also Read: Energy companies keep fuelling the stocks as higher returns lure investors
The KSE-100 Index was 0.97 per cent, or 621. points, up during early trading on Thursday as investors were not in a mood to stop buying amid attractive returns being offered by energy and related companies. By 10:59am, the benchmark index had reached 64,538.73 against the previous closing of 63,917.72, which translates into 58.12pc gain during the current calendar year.
The latest gains come just a day after the stock market set new milestones as the KSE-100 Index was up 0.71 per cent, or 447.13 points – a session that the index breaching two ceilings, first smashing the 63,000 points barrier and later briefly crossing the 64,000 mark.
Experts believe that the stock market will not only cross the 65,000 points mark but also move even higher because investors want to take advantage of this momentum and aren’t expected to go for profit-taking.
It is not just the foreign investment pledges and the improvement in macroeconomic indicators which have been propelling the market towards new highs continuously.
