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.
Pakistani currency remains unchanged against US Dollar and other currencies on April 26, 2024 Friday in open market.
US dollar was being quoted at 277.15 for buying and 280.15 for selling.
Euro comes down to 294 for buying and 297 for selling while British Pound hovers at 342.5 for buying, and 346 for selling.
UAE Dirham AED was at 74.95 and Saudi Riyal's new rate was at 73.30.
Currency | Symbol | Buying | Selling |
US Dollar | USD | 277.15 | 280.15 |
Euro | EUR | 294 | 297 |
UK Pound Sterling | GBP | 342.5 | 346 |
U.A.E Dirham | AED | 74.95 | 75.75 |
Saudi Riyal | SAR | 73.30 | 74 |
Australian Dollar | AUD | 178.5 | 180 |
Bahrain Dinar | BHD | 740.57 | 748.57 |
Canadian Dollar | CAD | 200.8 | 203 |
China Yuan | CNY | 38.45 | 38.85 |
Danish Krone | DKK | 39.93 | 40.33 |
Hong Kong Dollar | HKD | 35.55 | 35.9 |
Indian Rupee | INR | 3.34 | 3.45 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 903.61 | 912.61 |
Malaysian Ringgit | MYR | 58.28 | 58.88 |
New Zealand Dollar | NZD | 164.22 | 166.22 |
Norwegians Krone | NOK | 25.46 | 25.76 |
Omani Riyal | OMR | 723.48 | 731.48 |
Qatari Riyal | QAR | 76.52 | 77.22 |
Singapore Dollar | SGD | 204.5 | 206.5 |
Swedish Korona | SEK | 25.72 | 26.02 |
Swiss Franc | CHF | 305.43 | 307.93 |
Thai Bhat | THB | 7.51 | 7.66 |
Copyright ©2024. Reproduction of this website's content without express written permission from 'Daily Pakistan' is strictly prohibited.