Pakistani economy shows signs of stability after turmoil
KARACHI – Pakistani economy shows signs of stability after turmoil as the Stock Exchange recovers and the Pakistani Rupee bounces back against the US dollar.
The Pakistan Stock Exchange (PSX) witnessed an upward trend in the outgoing week with the benchmark KSE-100 index gaining 636 points and settling at 32,070 points.
With a significant average trading volume before closing on Friday, PSX shares rose by Rs80 billion.
According to analysts, financial firms made such investments in stocks due to lower prices of shares of different companies registered with the PSX.
According to stock market analysts, despite recent simmering Pak-India tensions and the current uncertain political situation in the country, investors have shown interest in the stock market due to a likely fall in interest rates. ------------------------------
On the other hand, the Pakistani rupee traded flat and closed at Rs156.40 against the US dollar on Friday.
Likewise, in the interbank market, the rupee maintained its strength at Rs156.17 against the greenback with slight fluctuation in the whole week.
In the last two months, the local currency has recovered significantly against the greenback in the interbank market. The open market has followed the similar trend.