February, 22, 2024
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Pakistan Stock Exchange Soars to Record Heights

Pakistan Stock Exchange Soars to Record Heights

Infostani Sources- Due to the positive economic news and the growing interest of foreign investors, the Pakistan Stock Exchange witnessed a significant shift in sentiment, deviating from its previous bullish trajectory. Last Friday marked a momentous continuation of this upward trend, as the index reached an unprecedented 61,500 points—a historic milestone for Pakistan. The bullish market conditions resulted in an impressive 77% surge in share prices, leading to an overall increase in share value amounting to a staggering 1 trillion 55 billion 83 crore 16 lakh 23 thousand 691 rupees.

Despite a marginal decline of 45 points during this period, positive developments ensued when the United Arab Emirates. As well as Kuwait finalized investment agreements totaling 10 billion dollars with Pakistan. This influx of foreign investment played a pivotal role in fortifying Pakistan’s capital market. As evidenced by the rebound in market graphs. Anticipation also mounted regarding the forthcoming monetary policy, with expectations of a possible one- to two-percent cut in interest rates.

This speculation prompted a downward shift in the auctioned market treasury bills by 5 to 7 basis points by the close of business. Consequently, the KSE 100 index closed at 1691.25 points, reflecting a noteworthy gain of 1159.98 points.

Pakistan Stock Exchange Soars to Record Heights

Rupee of Pakistan, Dollar Exchange, and Gold Market Update

Simultaneously, the Pakistani rupee experienced depreciation against the dollar in both foreign exchange markets on Friday. This depreciation was attributed to the government’s measures aimed at increasing remittances. Bolstering official foreign exchange reserves, and enhancing overall supply. As a result, the dollar’s interbank rate dipped below Rs 285 at the close of business. Marking a decline of 20 paise and settling at Rs 284. In the inter-bank market, the dollar concluded at Rs 96 paisa. Additionally, the open currency market saw a decrease of 50 paisa, concluding with the dollar at Rs 286.

In the local bullion markets of Pakistan. The price of 24-carat gold per 429 tola witnessed a reduction of Rs 500, settling at Rs 220,500 on Friday. Consequently, the rate per 10 grams of gold decreased to Rs 189,043.

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