PSX: Benchmark index gains 1,010 points; US dollar unchanged

KARACHI: The Pakistan Stock Exchange (PSX) saw a bullish run on Wednesday with the benchmark KSE-100 index gaining 1,010 points.

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At the conclusion of trading, the benchmark KSE-100 was up 2.89% closing just short of the 36,000 points level at 35,959.43 points. With a value of Rs7.19billion, a total volume of 151million shares were traded.

The KSE-100 closed the outgoing week at 35,703 points, amplifying 2,537 points or 7.5%—the biggest increase in the market for over a decade, which helped index recover 40% of its accumulated losses in the past weeks since fluctuations in the rupee exchange rate and economic uncertainty wreaked mayhem in the financial markets.

The US dollar fell below Rs150 in the interbank market on Monday after witnessing record highs the previous week.

Down by Rs1, the dollar was trading at Rs149.74 in the interbank market and was down Rs2.16 in the last three sessions.

The rupee fell record low against the US dollar after the announcement of a $6 billion bailout agreement with the International Monetary Fund (IMF) forecasting a “market-determined rate” for the Pakistani currency.

Since the past week, the rupee lost 3.74% against the dollar in the interbank market, with the currency cumulatively losing 37.45 since January 2018.

On Wednesday, the rupee also registered minor increase against the US dollar, with the greenback shedding Rs0.59 to close the3 day at Rs149.63 at the interbank.

The dollar remained unchanged at Rs150 in the open market, according to the Exchange Companies Association of Pakistan (ECAP).

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