Pakistani stocks rise 1,010 points; US dollar dips in interbank
Pakistani stock market's KSE-100 index gains 1,010 points or 2.89% to close the day at 35,959.43 points—just shy of the 36,000 points level
May 29, 2019
KARACHI: The Pakistan Stock Exchange (PSX) witnessed a bullish run on Wednesday with the benchmark KSE-100 index gaining 1,010 points.
At the end of trading, the benchmark KSE-100 was up 2.89% closing just shy of the 36,000 points level at 35,959.43 points. A total volume of 151million shares were traded with a value of Rs7.19billion.
Wednesday's bullish run comes just a day after the market was dominated by bears, which dragged it below the 35,000 points.
The KSE-100 closed the outgoing week at 35,703 points, gaining 2,537 points or 7.5%—the biggest increase in the market for over a decade. The gains helped the index recover 40% of its accumulated losses in the previous weeks since fluctuations in the rupee exchange rate and economic uncertainty wreaked havoc in the financial markets.
Dollar dips in interbank
Earlier this month, the Pakistani rupee registered record lows against the US dollar following the announcement of a $6 billion bailout agreement with the International Monetary Fund foreseeing a "market-determined rate" for the Pakistani currency.
On Wednesday, the Pakistani currency also registered slight gains again the US dollar, with the greenback shedding Rs0.59 to close the3 day at Rs149.63 at the interbank.
According to the Exchange Companies Association of Pakistan (ECAP), the dollar remained unchanged at Rs150 in the open market.
