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Sunday 2nd October 2022 / 6 Rabiulawal 1444

KSE-100 index gains 670 points as PKR’s appreciation continues

KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index gained 670 points on Friday as PKR continues its appreciation against the US dollar.

The benchmark KSE-100 index gained 670.87 points, or 1.62 per cent, to close at 42,096.24 points, according to the Pakistan Stock Exchange (PSX) website.

The market saw an intraday high of 42,168.08 points around 3:40pm.

Sectors contributing to the performance included banks (+181.8 points), cement (+134.4 points), automobile assembler (+42.8 points), oil marketing companies (+39.4 points), and power (+37 points).

Shares of 345 companies were traded during the session. At the close of trading, 264 scrips closed in the green, 58 in the red, and 23 remained unchanged.

Overall trading volumes rose to 406.68 million shares compared with Thursday’s tally of 275.43 million. The value of shares traded during the day was Rs11.63 billion.

Cnergyico PK Limited was the volume leader with 64.34 million shares traded, gaining Rs0.51 to close at Rs5.51. It was followed by Pakistan Refinery with 29.93 million shares traded, gaining Rs1.17 to close at Rs18.01 and WorldCall Telecom with 20.36 million shares traded, gaining Rs0.07 to close at Rs1.30.

Data released by the Pakistan Bureau of Statistics earlier this week showed that Pakistan’s trade deficit declined by 18.33pc to $2.64 billion in July from $3.23bn over the corresponding month of last year. The month-on-month decline in trade deficit was recorded at 46.76pc.

In FY22, the trade deficit reached an all-time high of $48.66bn from $30.96bn a year ago, indicating an increase of 57pc on the back of higher-than-expected imports.

Separately, the rupee has been on an upwards trend since July 29.

Meanwhile, Finance Minister Miftah Ismail said that the government would control imports for the next three months, even if it came at the cost of slower growth, he admitted the government did not have an immediate solution that would avert an economic crisis.

“We would not allow imports to increase for at least three months, which could impact growth, (but) we have no other choice,” said Miftah at the gong ceremony held at the Pakistan Stock Exchange (PSX) on Friday.

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