PSX gains 398 points Rupee closes at 221.91 against dollar

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The KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bullish trend on Wednesday, gaining 398.61 points, a positive change of 0.95 percent, closing at 42,494.85 points against 42,096.24 points on the last working day.

A total of 373,184,207 shares were traded during the day compared to the trade of 406,680,986 shares the previous day, whereas the price of shares stood at s.13.680 billion against Rs.11.636 billion on last trading day.

As many as 350 companies transacted shares in the stock market, 203 of them recorded gain and 123 sustained losses, whereas the share price of 24 companies remained unchanged.

The three top trading companies were Cnergyico Pk with a volume of 33,748,922 shares and price per share of Rs5.62, Pak Refinery with volume of 27,682,786 and price per share of Rs.18.64 and TPL Properties with volume of 24,220,763 and price per share of Rs.20.07.

Allahwasaya Tex witnessed a maximum increase of Rs.291.53 per share, closing at Rs.4,189.98 whereas the runner up was Sanofi-Aventis, the share prices of which climbed up by Rs.91.50 to Rs.1,311.50.

Rafhan Maize witnessed maximum decrease of Rs.683.33 per share closing at Rs.10,400 followed by Nestle PakistanXD, the share price of which declined by Rs130 to close at Rs6,055.

Meanwhile, the Pakistani rupee continued to strengthen against the US dollar for the seventh consecutive session in the interbank market on Wednesday.

During the day’s trade, the dollar further depreciated, losing Rs2.13 or 0.96% against the rupee, and closed at 221.91 in the interbank market, according to the State Bank of Pakistan.

Apart from all positive cues, the latest development that played a factor in the rupee’s appreciation includes the announcement that the United Arab Emirates intends to invest $1 billion in Pakistani enterprises.

Last week, the UAE said it plans to invest $1 billion in Pakistani enterprises in a variety of economic and investment areas as the country navigates a tough economic situation.

Economist and former adviser to the federal ministry of finance Dr Khaqan Hassan Najeeb said that the factors that led to pressure on the rupee are unwinding, and thus, the rupee is strengthening.

 

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