Stocks rally as PKR continues recovery against dollar

Stocks rally as PKR continues recovery against dollar

KARACHI: The stocks rallied on Wednesday as Pakistani Rupee (PKR) continued recovery against dollar on ninth consecutive session.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,611 points from previous day’s closing of 41,350 points in the interbank foreign exchange market.

READ MORE: Pakistan stocks gain 139 points on contraction in trade deficit

Analysts at Arif Habib Limited said that positive momentum from the previous close continued at the PSX today.

The market remained in positive zone throughout the day as investors continued to accumulate value stock.

READ MORE: Stocks gain 83 points as PKR continues to appreciate

PKR continuing its solidification against the US dollar helping investors to remain affirmative in the market. Volumes continued to swell in the main board with 3rd tier stocks being in the limelight.

Sectors contributing to the performance include Technology (+120.5 points), Cement (+109.1 points), Fertilizer (+23.8 points), E&P’s (+22.0 points) and Engineering (+11.1 points).

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Volumes increased from 593.4 million shares to 635.6 million shares (+7.1 per cent DoD). The average traded value also increased by 13.4 per cent to US$ 47.0 million as against US$ 41.4 million.

Stocks that contributed significantly to the stocks are WTL, TELE, TRG, FLYNG and GTECH.

READ MORE: Stocks gain 115 points in volatile session

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