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Pakistan's stock market surpasses 57,000 mark for the first time in history

11:02 AM | 16 Nov, 2023
Pakistan's stock market surpasses 57,000 mark for the first time in history
Source: File Photo

KARACHI – Pakistan Stock Exchange (PSX) advanced sturdy bullish momentum on Thursday, with its benchmark index KSE-100 reaching record high in what is said to short-term macro-economic recovery.

On Thursday, stock market benchmark KSE 100-Index soared by 415 points, crossing the 57,000 level for the first time in its history.

Last month, the benchmark index exceeded the then-record level of 50,000 for the first time in six years and it further gained momentum as country head toward polls and also secured external financing.

There is apparently a positive sentiment in money market after Pakistan and IMF reached staff-level agreement on first review for Stand-By Arrangement (SBA).

Auto assemblers, chemical, OMCs, refineries and pharmaceuticals are trading in the green.

Islamabad and the International Monetary Fund (IMF) on Wednesday reached staff-level agreement on the first review under the South Asian country's Stand-By Arrangement (SBA).

IMF team has reached a staff-level agreement (SLA) with the Pakistani authorities on the first review of their stabilisation programme supported by the IMF’s $3 billion.

The agreement is subject to approval of the IMF’s Executive Board. Upon approval, around US$700 million (SDR 528 million) will become available bringing total disbursements under the programme to almost US$1.9 billion.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 29 Feb 2024

Pakistani rupee remains stable against US dollar in the open market on February 29, 2024 (Thursday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.1 for buying and 282.35 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 352 for buying, and 355.5 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 74.3.

Today’s currency exchange rates in Pakistan - 29 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.1 282.35
Euro EUR 303 306
UK Pound Sterling GBP 352 355.5
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.3 75.1
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 173.05 175.05
Norwegians Krone NOK 26.36 26.66
Omani Riyal OMR 725.68 733.68
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317.76 320.26
Thai Bhat THB 7.76 7.91

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