February, 22, 2024
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Stock Market Hits Record Highs Amid Economic Optimism

Stock Market Hits Record Highs Amid Economic Optimism

Infostani Sources- The Pakistan Stock Exchange witnessed a sustained upward trajectory, buoyed by positive economic sentiments, and strengthened fund mantles. As well as the anticipation of securing a financing facility of one and a half billion dollars. Following an agreement with the International Monetary Fund (IMF). Notably, the index achieved a historic milestone by crossing 59 thousand points. Threshold for the first time in the nation’s history. Despite a 53 percent decline in share prices, the cumulative value of shares surged, registering an impressive increase of 19 billion 52 crore 96 lakh 52 thousand 778 rupees.

Closing at 59086.35 points, the KSE 100 index demonstrated resilience, posting a gain of 186.51 points at the conclusion of the business day. However, amid this stock market boom, certain challenges persisted. Notably, factors such as external debt exceeding requirements and a consecutive two-week reduction in government foreign exchange reserves propelled the US dollar’s ascent in foreign exchange markets on Friday. Consequently, the open rate of the dollar surpassed 286 rupees.

Stock Market Hits Record Highs Amid Economic Optimism

Stock, Currency, and Gold Markets: Friday’s Economic Landscape Unveiled

Fueled by a balance between demand and supply dynamics in the market, the inter-bank rate of the dollar experienced a limited increase, concluding at 285 rupees 37 paise, with a marginal uptick of 11 paisa. Simultaneously, in the open currency market, the dollar closed at Rs 286.50 paise, reflecting a 50 paisa increase.

In addition to the financial market dynamics, shifts were observed in the local bullion markets. The price of 24-carat gold per tola experienced a decline of Rs 150, settling at Rs 215,700. Similarly, the price of gold per 10 grams decreased by Rs 129, reaching Rs 184,928 on Friday. These fluctuations in the gold market added another layer to the multifaceted stock market and economic landscape.

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