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KSE-100 index hits all-time high, crosses 55,000 mark

10:54 AM | 10 Nov, 2023
KSE-100 index hits all-time high, crosses 55,000 mark
Source: File photo

KARACHI – The Pakistan Stock Exchange (PSX) kicked off the day on a highly positive note, surpassing the significant 55,000 mark during intraday trading on Friday, marking a remarkable milestone.

Around 10:10 am, the KSE-100 index stood at 55,253.19 points, registering a substantial increase of 991.77 points or 1.83% compared to the previous closing figure of 54,261.42.

Arif Habib Limited, as mentioned on X (formerly Twitter), celebrated this achievement as the KSE-100 index scaled new heights, reaching an unprecedented level.

Tahir Abbas, the Head of Research at Arif Habib Limited (AHL), said that the driving force behind this market surge is the expectation of a successful outcome from the International Monetary Fund’s (IMF) first review.

Additionally, he pointed out that diminishing inflation and interest rates, coupled with the anticipation of monetary easing, have played pivotal roles. The market’s attractive valuations, despite achieving an all-time high, have garnered the favour of investors in the local bourse.

Raza Jafri, the Head of Equities at Intermarket Securities, attributed this remarkable rise in the KSE-100 to substantial domestic institutional buying and the decline in Pakistan Investment Bond (PIB) yields. He also highlighted the upcoming MSCI review, which will likely increase Pakistan’s weight, as well as the appeal of high dividend-yielding stocks.

He emphasised that the ongoing IMF review remains a key checkpoint that will significantly influence the market’s future trajectory.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal – March 1, 2024

Pakistani rupee remains stable against US dollar in the open market on March 1, 2024 (Friday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.32 for buying and 282.35 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 353 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.4.

Today’s currency exchange rates in Pakistan – March 1, 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar ‎USD 279.32 282.35
Euro EUR 302 305
UK Pound Sterling GBP 353 356
U.A.E Dirham AED 76.15 76.85
Saudi Riyal SAR 74.4 75.2
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.11 751.11
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.69 41.09
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 907.32 916.32
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 172.43 174.43
Norwegians Krone NOK 26.36 26.66
Omani Riyal OMR 725.68 733.68
Qatari Riyal ‎QAR 76.74 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.13 27.43
Swiss Franc CHF 317.76 320.26
Thai Bhat THB 7.76 7.91

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