Pakistan rupee up 26 paisa against US dollar in interbank trading

The Pakistan made gains against the US dollar in interbank trading on a day when the Pakistan Stock Exchange’s bench mark KSE-100 Index also saw some recovery.

By the time trading was closed on Thursday, the rupee had appreciated by 26 paisa against and closed at Rs223.69 against yesterday’s value of Rs223.95.

Since July 1, the rupee is down by 8.42 percent (Rs18.84) against the US dollar rupees or 8.42%. However, the rupee depreciated 21.09 percent (Rs47.17) during the first 11 months of the year.

Stock market

The FBR’s ability to make record collections in the first five months of FY23 and reports of receiving the latest tranche from IMF boosted the market sentiment on Thursday with the KSE-100 ending up in green zone.

By the time trading was closed, the KSE-100 Index was recorded at 42,393.52 after a gain of 44.89 points. At one point, it had reached a high of 42,658.39.

Shares of 93 companies were traded Thursday with 40 making gains and 49 companies sustaining losses. The value of the remaining four remained unchanged.

Experts say it is a combination of different factors: performance of selected blue chips; surging global equities, global crude oil prices; record revenue collection of Rs2.69 trillion by FBR (Federal Board of Revenue) during Jul-Nov period and speculations over the expected release of IMF (International Monetary Fund) $1.18 billion tranche.

The total volume of KSE-100 Index stood at 56 million shares, representing an increase of 5.29 percent from 53.04 million shares traded on Wednesday.

As far the volume leaders are concerned, they were: HBL 5.48 million, KEL 4.22 million, TRG 4.19 million, FFBL 3.75 million and BOP 2.76 million.

Most of the positive contributions came from sectors like miscellaneous, commercial banks, oil and gas marketing, power generation companies, and investment banks which cumulatively added 141.76 points to the index by the day’s end.

On the other hand, the companies making most gains were: PSEL 6.22 percent, MARI 0.26 percent), ICI 0.52 percent, KOHC 2.17 percent and APL 0.78 percent.

Meanwhile, the list of net losers included the likes of RMPL 7.50 percent, NESTLE 0.86 percent, INDU 1.37percent, THALL 1.60 percent) and ABOTT 0.76 percent.

The story was filed by the News Desk. The Desk can be reached at info@thecorrespondent.com.pk.

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