The Pakistani rupee gained Rs.4.43 against the US dollar on reports of a $2.3 billion bailout loan agreement between Pakistan and China.

Pakistan China

According to Analysts, Pakistani rupee would rise further once the IMF loan is approved, thereby stabilising the PSX after an extended period of stagnation.

With the recent announcement of a $2.3 billion foreign exchange influx from China and an impending accord with the International Monetary Fund (IMF), the Pakistani rupee has finally begun its long-awaited upward trend. Analysts anticipate the rupee will gain further strength in the coming sessions.
With a rise in foreign reserves, foreign investors’ participation in PSX would witness a positive spike as well

After yesterdays profit booking the market sentiments took a U-turn on the influx of positive news as the 100 index bounced back today with a 259 points or 0.61% gains amid expanding market participation and settled at 42,717 levels. Overall volumes surges by 31% to 348.1mn shares as compared to the 265.7mn shares traded yesterday. Of the 358 active stocks today, 236 advanced, 96 declined and 26 remained unchanged. Volumes were led by the CNERGY,PRL,KEL,UNITY & TPLP with 37.3mn,29.3mn,27.9mn,15.6mn & 14mn shares traded respectively.
Major upside contribution to the 100 index came from the HUBC,BAHL,MCB,SYS,PSO,KEL,KAPCO,MEBL & ENERGY contributed 187 points while on the flip side major downside major contribution came from the HBL,FFC,POL,PPL,ABOT,ICI,UNITY & CHCC took away 82 points from the index cumulatively.

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