Pakistan stocks slump by 628 points on rupee fall

Pakistan stocks slump by 628 points on rupee fall

KARACHI: Pakistan stocks fell by 628 points on Thursday owing to continuous decline in rupee value against the US dollar.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell to 39,832 points from last day’s closing of 40,460 points, showing a decline of 628 points.

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Analysts at Arif Habib Limited said that the benchmark KSE-100 index witnessed a bloodbath session today due to economic and inflationary concerns along with rupee depreciation against US Dollar.

The rupee made a new historic low at Rs226.81 to the dollar on July 21, 2022 as compared with previous day’s closing of Rs224.92 in the interbank foreign exchange market.

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They said that the market opened in the positive zone but investors opted for selling which dragged the index to an intraday low of 658 points.

Volumes continued to remain dull across the board on the contrary decent volumes were observed in the 3rd tier stocks.

READ MORE: Pakistan stocks plunge 708 points in bloodbath session

Sectors contributing to the performance include Fertilizer (-100.0 points), Banks (-91.2 points), E&P (-78.8 points), Cement (-60.9 points) and Chemical (-45.4 points).

Volumes increased from 141.7 million shares to 158.0 million shares (+11.5 per cent DoD). Average traded value decreased by 4.8 per cent to reach US$ 18.9 million as against US$ 19.8 million.

Stocks that contributed significantly to the volumes are WTL, TPLP, UNITY, CNERGY and PRL.

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