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PSX surpasses 59,000 milestone

10:33 AM | 24 Nov, 2023
PSX surpasses 59,000 milestone
Source: File photo

KARACHI – The Pakistan Stock Exchange (PSX) sustained its upward trajectory, marking a historic moment as the KSE-100 index surged past the 59,000 mark for the first time during intraday trading.

The PSX website reported that the benchmark index soared to 59,397.44 points at 10:24 am, exhibiting a gain of 497.60 points or 0.84% from the previous day's closing figure of 58,899.84 points.

Intermarket Securities' Head of Equities, Raza Jafri, highlighted, "The market's continual surge to new heights stems from the government's robust economic focus and well-managed risks, contributing to its momentum."

Jafri noted that despite the rally, market valuations remain attractive, crediting the resurgence in foreign investment as a pivotal factor driving this surge.

The KSE-100 index, recognized as Asia's top-performing index, observed a 1.2% rise earlier due to an optimistic economic outlook, a narrowing current account deficit, and government initiatives to tackle circular debt in the power sector, as outlined by analyst Ahsan Mehanti.

Mehanti emphasized, "The remarkable surge in exports, ongoing rupee stabilization, prospects of declining interest rates, and bolstering foreign reserves post the International Monetary Fund's disbursement of the next tranche all contributed to this record-breaking closure."

Echoing this sentiment, analyst Ali Najib from Topline Securities remarked on the unstoppable momentum in equities, witnessing the benchmark index's further surge by over 1%.

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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