Stocks gain 367 points as rupee recovers

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PKR appreciates 3.02 against US dollar

 

Bullish momentum continued at the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 index started gaining shortly after trading began.

The KSE-100 index gained 366.69 points, or 0.89 per cent, to close at 41,518.23 points.

Former PSX director and AKY Securities CEO Ameen Yousuf said the index gained because of a number of reasons, including the rupee’s sharp recovery, expectations of lower inflation figures and possible reduction in domestic fuel prices.

Meanwhile, the rupee continued its winning streak against the dollar for the third consecutive trading session on Tuesday in the interbank market as the market pinned hope on PML-N leader Ishaq Dar.

The dollar lost Rs3.11 against the rupee on Tuesday and closed at Rs233.91 in the interbank market at the end of the trade session.

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