Pakistan stocks end in green on rupee recovery

Pakistan stocks end in green on rupee recovery

KARACHI: Pakistan stocks ended in green on Tuesday due to rupee resisted against the US dollar.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 40,192 points from previous day’s closing of 40,076 points, showing a gain of 116 points.

READ MORE: Pakistan stocks end down 74 points

Analysts at Arif Habib Limited said that the stock market observed a positive session as Pakistan rupee (PKR) continued to show resistance against the USD as further appreciation was witnessed.

The PKR appreciated for third straight session on Tuesday to end Rs238.38 against the dollar at interbank foreign exchange market.

READ MORE: Weekly Review: market likely to stay positive

“The market opened in the negative zone but investors opted for value buying during the day resulting index to close in green,” the analysts added.

Main board activity remained decent although healthy volumes were observed in the 3rd tier stocks.

READ MORE: Pakistan stocks shed 127 points amid sluggish trading

Sectors contributing to the performance include Fertilizer (+73.6 points), Chemicals (+46.8 points), Cement (+35.6 points), Refinery (+10.5 points) and Automobile Assembler (+9.1 points).

Volumes increased from 110.4 million shares to 217.5 million shares (+97.0 per cent DoD). Average traded value also increased by 70.1 per cent to reach US$ 26.5 million as against US$ 15.6 million.

Stocks that contributed significantly to the volumes are TPLP, AGL, PRL, CNERGY and GGL.

READ MORE: Pakistan stocks gain 304 points on improved IT exports