KARACHU: The KSE-100 benchmark index of the Pakistan Stock Exchange (PSX) climbed above the 50,500 points threshold on Friday, marking a level last observed in May 2017 when it reached 50,592 points.
Reports indicate that the Karachi Stock Exchange (KSE-100) index rose by 207 points and is currently trading at 50,572 points.
Notably, the previous day saw the PSX's benchmark KSE-100 index surpass the 50,000 mark, a milestone achieved after a six-year gap. During intraday trading, the benchmark Karachi Stock Exchange (KSE) 100 Index surged by 600 points, reaching 50,025 points, a level not witnessed since June 7, 2017.
In addition to the stock market news, there was a noteworthy development in the foreign exchange market. The Pakistani rupee rebounded against the US dollar in the interbank market. After the dollar had gained Rs1 against the PKR on Wednesday, it depreciated by Rs1.96 in early Thursday trading. The Pakistani rupee strengthened by Rs1.96 against the US dollar, with an interbank trading rate of Rs278.30. Meanwhile, banks were reported to be selling the US dollar to importers at Rs278.80, and the US currency also depreciated by Rs1 against the local currency in the open market.
