KARACHI: Pakistan stocks gained 531 points on Monday following sharp recovery in Pakistani Rupee (PKR) against the US dollar.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,151 points from last Friday’s closing of 40,620 points, showing a gain of 531 points.
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The bulls dominated at PSX throughout the day. The market opened in the positive zone as Pak rupee made a sharp recovery against US Dollar.
The US dollar tumbled against the Pakistani Rupee (PKR) by Rs2.63 on Monday on the nomination of Ishaq Dar as finance minister of the country. The exchange rate recorded a gain of Rs2.63 in rupee value to end at Rs237.02 to the dollar from last Friday’s closing of Rs239.65 in the interbank foreign exchange market.
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Currency experts said that the market responded positively to nomination of Ishaq Dar as the finance minister by the present coalition government headed by PML (N).
Investors gained confidence over clarity on the political grounds as volumes climbed significantly in the main board. Hefty volumes were also recorded in the 3rd tier stocks.
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Sectors contributing to the performance include Technology (+111.8 points), Power (104.4 points), Cement (78.9 points), OMC’s (+34.8 points) and Banks (+33.5 points).
Volumes increased from 165.3 million shares to 213.0 million shares (+28.9 per cent DoD). The average traded value also increased by 38.5 per cent to US$ 40.2 million as against US$ 29.0 million.
Stocks that contributed significantly to the volumes are TRG, CNERGY, KEL, UNITY and WTL.
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