Search

x
Join our whatsapp channel for News Updates

KSE-100 index surges by more than 1,000 points in intraday trade

01:50 PM | 14 Mar, 2024
KSE-100 index surges by more than 1,000 points in intraday trade

KARACHI – Following two consecutive sessions of selling pressure, the Pakistan Stock Exchange (PSX) saw a return of positivity on Thursday, with an increase of over 1,000 points in intraday trade.

At around 1:42 pm, the KSE-100 index surged by 1015.82 points, or 1.59 percent, reaching 65,064.26 from the previous close of 64,048.44.

Awais Ashraf, director of research at Akseer Research, echoed similar sentiments, noting the expectations of monetary easing and no new conditions for the disbursement of the IMF’s last tranche of $1.1 billion.

Yousuf M Farooq, director of research at Chase Securities, attributed this bullish momentum to “improved clarity on the political and economic fronts.”

Farooq highlighted the recent interview of the new finance minister in which he outlined a clear plan for the economy and emphasized notable improvements in stability during the first quarter compared to the previous year.

In the interview, the finance minister emphasized the importance of reducing government expenditure and moving towards investment, as friendly countries prefer to assist without aid. Regarding the relationship with the International Monetary Fund (IMF), the finance minister stressed concluding the IMF program to release the $1.1 billion tranche.

Shahab Farooq, director of research at Next Capital Limited, attributed the upward trend to anticipation of a positive outcome from negotiations with the IMF on the final tranche of the ongoing SBA.

Additionally, Farooq noted that the clear statements of the newly appointed finance minister boosted positive sentiments at the PSX.

Daily Pakistan Global Web Desk

Advertisement

Currency Rates in Pakistan Today - PKR to US Dollar, Euro, Pound, Dirham, and Riyal 12 April

Pakistani currency remains unchanged against US dollar and other currencies in open market on April 12, 2024.

US Dollar rate in Pakistan

On Friday, the US dollar was being quoted at 277.4 for buying and 280.65 for selling.

Euro was quoted at 299.95 for buying and 302.9 for selling while British Pound stands at 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.45 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 12 April 2024

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter