KARACHI: The Pakistan Stock Exchange (PSX) started the week on a positive note amid the strong recovery of the Pakistani rupee, decline in crude oil prices and return of Ishaq Dar as finance minister. By 10:46 AM, the benchmark KSE-100 index had reached 41,031 points after a gain of 1.01 per cent or 411 points.
According to Ahsan Mehanti of Arif Habib Corporations, the stock market showed recovery after the rupee gained against the US dollar. The rupee gained Rs4.15 in value during the early hour trade. He added that Dar’s return would stabilise the uncertainty in the economy.
Pakistan to go back to tried and tested method of Daronomics following Miftah’s exit
Raza Jafri, Research Head of Intermarket Securities, said that multiple factors played role in the recovery of the KSE-100 index. He pointed out that declining oil prices, the perception that Dar would bring PKR under control, and the West acknowledging Pakistan’s debt restructuring request had aided in the recovery at the KSE-100 index.
