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PSX stays bullish, gains over 600 points

07:00 PM | 19 Mar, 2024
PSX stays bullish, gains over 600 points

KARACHI – Bulls on Tuesday held their ground at the Pakistan Stock Exchange (PSX) as shares surged by over 600 points in intraday trade.

The KSE-100 index witnessed a gain of 680.68 points, or 1.05 percent, reaching 65,571.18 points at 12:55pm from the previous close of 64,890.50.

Ultimately, the index concluded at 65,502.59, marking an increase of 612.09 points from the previous close.

Yousuf M. Farooq, director of research at Chase Securities, highlighted the central bank's conservative stance in maintaining interest rates amidst rising inflation expectations. He also mentioned the potential impact of adjustments in administrated energy prices on inflation.

Faran Rizvi, head of equity sales at JS Global, noted that the current market situation suggests a period of consolidation within the 63,500 to 66,000 range. Despite short-term fluctuations, Rizvi expressed a bullish outlook, citing the resolution of political uncertainties and promising inflation figures as positive indicators for the economy. He advised investors to consider allocating their portfolios towards oil and gas sectors and banking stocks.

The State Bank of Pakistan's Monetary Policy Committee maintained the interest rate at 22 percent this week, emphasizing the need for a cautious approach to address high inflation. Farooq observed a decrease in political risks with the new finance ministry team dedicated to fulfilling IMF program obligations and pursuing long-term objectives.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pak Rupee to US Dollar, Euro, Dirham, Riyal 19 May 2024

Pakistani currency rates against US Dollar and other currencies on May 18, 2024 (Saturday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.35 for selling.

Euro stands at 297 for buying and 299.5 for selling while British Pound rate is 348.5 for buying, and 352 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 19 May 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 297 299.5
UK Pound Sterling GBP 348.5 352
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 181 183
Bahrain Dinar BHD 747.77 755.77
Canadian Dollar CAD 203 205
China Yuan CNY 38.49 38.89
Danish Krone DKK 40.25 40.65
Hong Kong Dollar HKD 35.96 36.31
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegian Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Baht THB 7.57 7.72

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