Market Weekly: PSX accumulates 2,585 points, PKR gains Rs1.5 against dollar

Pakistan Stock Exchange (PSX) witnessed a bullish trend in the outgoing week with the KSE-100 Index gaining 2,585 points, closing at 31,350 points.

Market analysts believe that the local bourse closed higher due to positive decisions on the political front and on rumours that Pakistan might exit the Financial Action Task Force (FATF) grey list. They expect the positive momentum at the bourse to continue in days to come.

Meanwhile, the Pakistani Rupee appreciated by Rs1.5 against the US dollar in the outgoing week and closed at Rs157.90 in the open market on Friday.

In the interbank market, the rupee gained by 43 paisa against the greenback, settling at Rs157.52.

It is pertinent to mention that the local currency depreciated significantly during the past few months. The gradual drop in the rupee was attributed to high demand for the dollar against thin supply, as the country continued to make aggressive international payments to partially pay off huge foreign debt and for imports.

It is anticipated that the US dollar rate would fluctuate for some time, and the value of the Pakistani rupee would stabilise after proper implementation of the economic policies.