February, 22, 2024
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Market Surge: Pakistan Stocks Rise, Dollar Falls

Market Surge: Pakistan Stocks Rise, Dollar Falls

Infostani International- On Wednesday, the Pakistan Stock Exchange witnessed its third-largest one-day trade rally of the year, rebounding from yesterday’s historic decline. The index successfully reclaimed the psychologically significant 60,000-point mark, a substantial increase from its April 2023 level of 1,700 points. The one-day trade in June 2023 saw a remarkable surge of 2,446 points. Real estate investors played a significant role, settling 70-80% of old and future deals. Investment activity at lower prices extended beyond real estate to sectors like banking, contributing to the overall market upswing.

The capital market graph displayed an upward trajectory, with 77% of share prices experiencing an increase. This boom resulted in a notable uptick in the value of shares, amounting to 2 trillion 7 billion 84 crore 1 4 lakh 29 thousand 881 rupees.

Market Highlights: KSE 100 Gains, Dollar Weakens, Gold Prices Surge

Market Surge: Pakistan Stocks Rise, Dollar Falls
At the close of business, the KSE 100 index concluded at 60863.62 points,

At the close of business, the KSE 100 index concluded at 60863.62 points, marking a substantial gain of 1692.64 points. Factors such as a lack of income surpassing foreign exchange earnings and a 33% increase in exports during the first 20 days of the month contributed to the dollar’s depreciation against the rupee in foreign exchange markets. Throughout the trading period, the value of the dollar in the bank market consistently decreased, with the interbank rate closing at 282 rupees 19 paise, reflecting an 18 paise decrease.

Similarly, in the open currency market. The dollar depreciated by another 50 paise, closing at 283.20 rupees due to a lack of demand. In local bullion markets on Wednesday. The price of 24-carat gold saw a Rs 1,000 increase per tola, bringing the total to Rs 220,600. Additionally, the price of gold per ten grams rose by Rs 857 to Rs 189,129.

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