Pakistan Stock Exchange register highest weekly gain in a decade following record losses

KARACHI: The weekly update of the index of the Pakistan Stock Exchange stated that stocks gained 2,537 points during the outgoing week, recovering by 7.5% since fluctuations in the exchange rate and economic uncertainty wreaked havoc in the financial markets.

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The benchmark KSE-100 index closed the outgoing week at 35,703 points, gaining Rs 400 billion in share values and market capitalisation reaching Rs7,200 billion.

The outgoing week’s gains—the biggest increase in the market for over a decade—have so far helped the index recover 40% of its accumulated losses in the previous seven weeks.

The rupee registered record lows against the US dollar following the announcement of a $6 billion bailout agreement with the International Monetary Fund foreseeing a “market-determined rate” for the Pakistani currency.

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

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