KARACHI: Pakistan Stock Exchange (PSX) on Friday regained the 45,000 points level as it closed the week on a positive note despite the political uncertainty in the country.
The benchmark KSE-100 index gained 223.28 points (0.5%) to close at 45,396.14 points. The bourse reached its highest point of 45,392.14 points but slid in later day before trading was suspended. The total volume of shares increased to 126.507 million valued at Rs7.028 billion.
The lower bench KSE-30 index also increased by 120.81 points (0.72%) and closed at 17,238.29 points. The total volume of shares was 92.96 million. The KMI 30 index increased by 324.34 points (0.44%) and closed at 73.239.27 points, while the All Share Index also gained 67.26 points (0.22%) and closed at 30,855.24 points. The total volume of share traded were 388.94 million at the stock market.
The highest number of shares traded belonged to Telecard Ltd (TELE 1.83%) which traded 35.432 million shares. This was followed by TLP Properties Ltd (TPLP 3.07%), Treet Corporation Ltd (TREET 1.39%), and Pak Elektron (PAELR3 -11.98%). The number of scrips traded were 26.362 million, 24.850 million, and 21.808 million, respectively.
The stock market witnessed a tumultuous week as it reacted the prevailing political uncertainty in the country. The rupee felt the heat of prevailing political uncertainty in the country and slipped below at 184.2 against the US dollar in the inter-bank market on Friday.
On the economic front, the foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 19.5% on a weekly basis. On March 25, foreign currency reserves held by the central bank recorded at $12,047.3 million, down $2,915 million compared with $14,962.4 million on March 18. According to the central bank, the decrease reflected repayment of external debt, including repayment of a major syndicated loan facility from China.
The Moody’s Investor Service has termed the no confidence motion against Prime Minister Imran Khan credit negative and expressed concern that it could act as a hurdle in way of smooth reform process in Pakistan.
