February, 23, 2024
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Index Exceeds 57,300, Hits 27.3 Billion in Share Value

Index Exceeds 57,300, Hits 27.3 Billion in Share Value

Infostani Sources- The Pakistan Stock Exchange experienced a continued surge on Tuesday, surpassing the 57200, 57100, and 57300 points on the index. Share values saw a rise, totaling an increase of 27 billion 30 crore 62 lakh 9 thousand 60 rupees. The market has shown a bullish trend since the beginning of the business. At one point, it rapidly increased by 613 points, surpassing the psychological level of 57,500 points on the index. However, intermittent profit-taking led to a decline of 98 points at one juncture. Following the success of the IMF program, investors maintained high morale, anticipating increased inflows this year. The index closed at 57,371.59 points, reflecting a gain of 293.63 points.

Reforms in the economy led to a decrease in domestic imports and an increase in exports and remittances. A reduction in the current account deficit, and a 7% rise in foreign direct investment. The rupee appreciated against the dollar for the fourth consecutive session on Tuesday. At the end of the business day, the dollar fell by 18 paise to close at 285.78 paisa, and in the open currency market, it dropped by 25 paisa to close at 287.25 paisa.

There were also predictions in the market that after the current loan program ends in April, the new coalition government will get the next loan program from the IMF, which will support the economy. These predictions also weighed on the rupee. Besides, the price of 24-carat gold rose by Rs 500 per tola to Rs 215,600 and the price of gold per 10 grams rose by Rs 284 to Rs 184,842 in local bullion markets on Tuesday.

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