PSX surges, index gains 635.9 points Rupee gains 23 paisa against dollar

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The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index gained 635.9 points on Thursday, buoyed by buying in the oil and gas exploration sector.

The benchmark index was up 599.39 points, or 1.42 per cent, to reach 42,864.75 by 11:40am. It gained further in the day and closed at 42,901.27, up 1.5 per cent.

Head of Equities at Intermarket Securities, Raza Jafri, said there was value buying in the oil and gas exploration sector but added that investors were also showing interest in shares of Islamic banks after the finance minister indicated “support for full Shariah conversion of the banking system”.

Meanwhile Pakistani Rupee on Thursday appreciated by 23 paisas against the US dollar in the interbank trading to close at Rs 221.42 against the previous day’s closing of Rs 221.65.

According to the Forex Association of Pakistan (FAP), the buying and selling rates of the US dollar in the open market were recorded at Rs 225.4 and Rs 225.6 respectively.

The price of the Euro against the rupee decreased by 07 paisas to close at Rs 221.69 against the previous close of Rs 221.76.

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