Pakistan stocks gains 179 points on rupee appreciation

Pakistan stocks gains 179 points on rupee appreciation

KARACHI: Pakistan stocks gained 179 points on Monday owing to appreciation in rupee value against the dollar.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 43,040 points from last Friday’s closing of 42,861 points, showing an increase of 179 points.

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Analysts at Arif Habib Limited said that the market opened in the positive zone and remained green throughout the day in expectations of resumption of loan program under Extended Fund Facility (EFF) of International Monetary Fund (IMF) in June 2022 which also help the rupee getting stronger against US Dollar.

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Main board activity remained healthy in E&P and OGDC remained in limelight as expectation of nod from ECC to convert OGDC receivable from PHLP into Pakistan Investment Bonds. Although good volumes were witnessed in 3rd tier stocks.

Sectors contributing to the performance include E&P’s (+79.4 points), OMCs (+24.8 points), Technology (+23.2 points), Autos (+20.1 points) and Banks (+13.5 points).

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Volumes decreased from 527.7 million shares to 187.5 million shares (-64.5 per cent DOD). Average traded value also decreased by 56.2 per cent to reach US$ 30.7 million as against US$ 70.2 million.

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

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