Pakistan Stock Exchange turned bullish on Friday due to some positive news reports on the financial front, with the benchmark KSE-100 Index gaining 588.02 points (+1.37 percent) to close at 43,486.46 points.
The market opened on a positive note, switched between the green and red territories for the next 40 minutes due to rupee’s depreciation against the US dollar, and then remained positive throughout the session. The investors welcomed the news of upcoming funds from the Asian Development Bank, worth $2.5 billion for the fiscal year 2022-23, out of which $1.5-2 billion can be available in the ongoing calendar year.
Moreover, release of remittances data for the month of April 2022 also gave confidence to investors. Remittances in a month crossed the $3 billion mark for the first time in history, reaching $3.1 billion in April 2022 and extending support to foreign exchange reserves and rupee against the US dollar. According to statistics released by the State Bank of Pakistan on Friday, remittances grew by 7.6 percent during the first 10 months (July-April) of the current fiscal year 2021-22 to reach $ 26.1 billion as compared to $24.22 billion during the same period of the last financial year 2020-21.
The KSE-100 Index moved in a range of 651.95 points, showing an intraday high of 43,505.75 and a low of 42,853.80 points. -TLTP
