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PSX soars to all-time high, crosses 53000 barrier

12:44 PM | 3 Nov, 2023
PSX soars to all-time high, crosses 53000 barrier
Source: File photo

KARACHI – The Pakistan Stock Exchange (PSX) reached an unprecedented milestone on Friday, surging over 400 points and surpassing the 53,000-point mark. The primary drivers behind this remarkable achievement include the optimistic outlook for a successful International Monetary Fund (IMF) review.

As of the latest data, the market currently stands at 53,111.30 points, marking a gain of 454.54 points, or 0.86%. This historic moment represents the first instance of the KSE-100 index crossing the 53,000 threshold.

Arif Habib Limited shared on X (formerly Twitter) that the market’s performance has reached extraordinary heights, surpassing previous records and ushering in a new era of financial excellence.

According to capital market expert Saad Ali, the market’s momentum can be attributed to diminishing political risks, positive macroeconomic indicators, the anticipation of a favorable IMF review, and expectations of imminent interest rate reductions. Despite these positive factors, he notes that the market’s valuation remains relatively low, with a forward earnings multiple of only 4x, considering historical standards.

Samiullah Tariq, Pakistan-Kuwait Head of Research, explained that robust earnings, the outlook for a successful IMF review, and the prospect of declining interest rates in the future are key factors propelling the market’s growth.

Back in October, the KSE-100 index had already been recognized as the world’s third best-performing market, achieving a six-year high at 51,920 points.

https://en.dailypakistan.com.pk/03-Nov-2023/pakistani-rupee-dips-further-against-us-dollar-euro-pound-in-open-market-check-latest-rates-here

Daily Pakistan Global Web Desk

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PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 21 Feb 2024

Pakistani currency remains stable against US dollar and other currencies in the open market on February 21, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300 for buying and 303 for selling while British Pound rate stands at 350.5 for buying, and 354 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 21 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300 303
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 76.15 76.9
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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