Pakistan stocks up 877 points on massive rupee appreciation

Pakistan stocks up 877 points on massive rupee appreciation

KARACHI: Pakistan stocks ended up by 877 points on Wednesday owing to positive sentiments after massive appreciation recorded in rupee value.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 41,069 points from previous day’s closing of 40,192 points, showing an increase of 877 points.

READ MORE: Pakistan stocks end in green on rupee recovery

Analysts at Topline Securities said that Pakistan equities welcomed acknowledgement by the International Monetary Fund (IMF) regarding completion of all condition necessary to resume Extended Fund Facility (EFF) program.

Initially, the KSE 100 index opened on a positive note, stayed in the green zone whole day and eventually closed at 41,069 (+877 points; up 2.18 per cent).

The analysts further said that the news of the day was historic Pak Rupee (PkR) appreciation of 4.19 per cent against the Greenback in the interbank trading where PKR close the day at 228.80 by posting a gain of Rupee 9.58 from yesterday interbank closing of 238.38.

READ MORE: Pakistan stocks end down 74 points

During the session, UBL announced its second quarter of 2022 earnings where Earnings per Share (EPS) clocked in at Rupee 2.2 as compared with 6.0 same period last year along with the dividend of PKR 4.

The aforesaid result was in line with the expectation which supported the stock price to close +5.3 per cent from its yesterday close.

READ MORE: Weekly Review: market likely to stay positive

Banks, Cement and E&P sector stocks contributed positively to the index where UBL, LUCK, POL, MEBL & HBL added 250 points, cumulatively. On the flip side, PKGS, ARPL and GADT have witnessed some profit taking as they lost 5 points collectively, today.

Over 332 million shares traded today at the bourse while total value clocked in at Rs10 billion. WTL led the volumes chart today with trading of 32.5 million shares in it, today.

READ MORE: Pakistan stocks shed 127 points amid sluggish trading

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