KARACHI: For the second consecutive session, the stock market continued an upward trend as the benchmark KSE-100 index gained 347.05 points (0.84 per cent) and reached 41,611,71 points. The positive trend has been attributed to Prime Minister Shehbaz Sharif’s visit to China.
Amir Shehaz, Director of First National Equities Limited, said that among many factors, the PM’s visit to China has contributed to the upward trajectory of the market. He added that the expected visit of Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz and the decrease in coal prices in the international market had also uplifted the stock market.
Meanwhile, the local currency also gained some value during the morning trade. The rupee gained 89 paise against the greenback and reached Rs220 by 12:17 PM. Mohammad Sohail, CEO of Topline Securities, attributed the rise in the rupee to the expectation of a loan tranche from IMF and the fall in the Real Effective Exchange Rate.