KARACHI: After the success of the no-confidence motion against the Prime Minister of the United Opposition, the election process of the new Prime Minister has ended the crisis on the political horizon. Due to the big wave, the two psychological levels of 45000 and 46000 points of the index were crossed.
Due to the rise, the share price increased by 85.49% while the value of shares increased by Rs. 236.15 billion.
Increasing investment in each item of the index by all sectors of the investment resulted in the index crossing the psychological level of 45000 points in the initial period of trading, followed by a fresh investment on a sectoral basis. The psychological limit of points has also been crossed.
International rating agency Moody’s maintains a stable outlook for Pakistan’s banking sector, with GDP growth forecast to be between 3% and 4% for the fiscal year 2022 and economic growth between 4-5%. After a long hiatus, investors’ confidence was restored after predictions such as expectations of an increase in dividend payments by listed companies, who have started investing openly in the market, which has seen a sharp rise in the market. Cause
The KSE-100 Index closed at 46144.96 points, up 1700.38 points at the close of trading, while the KSE-30 Index rose by 689.74 points to 17703.87, the KMI-30 Index rose by 3156.20 points to 74874.01 and PSX. The KMI Index closed at 22676.62 with an increase of 782.39 points.
The trading volume was 145% higher than last Friday and a total of 557,772,451 shares were traded while the scope of trading activity was limited to shares of 386 companies. I remained steadfast.
Among the companies whose share prices rose sharply, Bata Pakistan rose by Rs 145.19 to Rs 2484.39 and Rafhan Meez rose by Rs 30.23 to Rs 471.67, while Gatron Industry fell by Rs 9.21 to Rs 118.82 and Mitchell Fruit fell by Rs. 9.21 to Rs. 118.82.
Depreciation of the dollar
After the end of the constitutional crisis in the country, as the political situation became clearer, factors such as expanding the export earnings received by exporters in the form of foreign exchange led to further depreciation of the dollar.
In the interbank market, the dollar fell by Rs 3.5 on Monday and fell below Rs 184. Similarly, the dollar fell to Rs 185 in the open market.
In the interbank market, the dollar fell further by Rs 1.76 to close at Rs 182.92 against the rupee on Monday, while in the open currency market, the dollar fell by Rs 3 to close at Rs 185.
News of the strengthening of economic indicators by the Governor SBP and the continuation of the IMF program also led to the strengthening of the rupee against the dollar.
On the other hand, experts say that with the price of crude oil falling below 100 100 per barrel in the global market, the foreign exchange pressure on the Pakistani economy is expected to ease and the possibility of reduction in the volume of import bill has also affected the foreign exchange market. A gradual decline in value is expected.
