Roundup: Pakistani rupee, stocks continue to strengthen amid economic optimism

0 Comment(s)Print E-mail Xinhua, August 12, 2022
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ISLAMABAD, Aug. 12 (Xinhua) -- Pakistani rupee and stocks continued to gain ground in the last working session of the week on Friday, with the upward momentum being driven by the improved economic indicators and market sentiments.

The Pakistani rupee continued to roar higher for the 10th successive trading session as the local currency recovered by over 10 percent or 23 rupees in the interbank market, according to the State Bank of Pakistan (SBP).

The rupee appreciated 1.57 percent to trade at 215.49 rupees against the U.S. dollar in the interbank market on Friday as compared to 218.88 rupees on Thursday, the SBP data showed.

The upward trend of the currency was fuelled by multiple factors, including the optimism about the release of a loan facility from the International Monetary Fund later this month, reduced import bills and the foreign exchange outflow, a decrease in the U.S. dollar demand in the local market, and an improved political environment, Vaqar Ahmed, a renowned economist, told Xinhua.

The local unit will further strengthen in the coming weeks as the country is expected to get other foreign inflows, as well as bilateral and multilateral loans and investments, he said.

The recent recovery of the local unit also has positive impacts on the Pakistan Stock Exchange (PSX) this week, with major indexes landing in a green zone on Friday as investors' participation remained healthy amid fresh buying.

The stocks remained bullish as investors' sentiments improved after the recent statement of Federal Minister for Finance and Revenue Miftah Ismail on the United Arab Emirates's investment of 1 billion U.S. dollars in Pakistan through the PSX and other foreign investments pledges.

The PSX's benchmark KSE 100-Index went up by 1.45 percent or 614.24 points to close at 42,857.57 points on Friday compared with 42,243.33 points reported on Thursday.

The trading board presented a green look on Friday as the KSE All-Share Index increased by 1.27 percent or 369.01 points to close at 29,475.52 points, the KSE 30-Index grew by 1.53 percent or 243.97 points to end at 16,215.64 points, and the KMI 30-Index gained 1.67 percent or 1,153.43 points to conclude at 70,255.46 points.

Meanwhile, the Islamic All-Share Index inflated by 1.21 percent or 258.64 points to finish the trading session at 21,615.83 points.

Among 369 active scrips on Friday, the prices of 265 issues closed in the green ink, 89 ended down into the bearish lap, whereas the values of 15 other listed companies remained unchanged. Enditem

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