Categories: News

Islamabad lock down called off, Shares in Pakistan Stock Exchange soar 19 months high

Following the developments of Imran Khan denouncing its move of locking down Islamabad, shares in the Pakistan Stock Exchange soared highest through their last 19th months’ peak valuation. Pakistani Rupee increased in value against the Dollar and over-night rates of currency dropped.

Today after a press conference, in which the Chairman PTI, Imran Khan, backed off from continuing with its plans to lock-down Islamabad, an interesting trend is being witnessed across the stocks in Pakistan Stock Exchange, the unified bourse of Pakistan. The development can also further be accredited to the first China Pakistan Economic Corridor (CPEC) trade consignment which was received by Pakistan today. The shares have rose by a considerable margin, along with the rise in worth of Pakistan Rupee.

The benchmark 100-share index of the Pakistan Stock Exchange closed 3.52 percent higher, or 1,406.03 points, at 41,299.87, which is its biggest single-day percentage gain since March 31, 2015, 19 months from now. The Pakistani Rupee also ended higher at 104.72/104.77 against the dollar, which is a definite up as compared with the previous day’s closure of 104.81/104.86. The over-night rates in were down by 5.70% as compared to the yesterday’s 5.75%.

The Pakistan Stock Exchange has been affected by the political and security conditions across the country. For the major part, the developments had been considerably positive. Recently, Shanghai Stock Exchange also showed interests in a 40% stake deal in Pakistan Stock Exchange.

Source — Reuters

Sponsored
Muneeb Ahmad

I love to talk about global tech-happenings, startups, industry, education and economy. Get in touch: muneeb@techjuice.pk.

Leave a Comment
Share
Published by
Muneeb Ahmad
Tags: Stocks

Recent Posts

WhatsApp Beta Partners with Google for Innovative Image Search Feature

When it comes to Android messaging apps, WhatsApp stands out as one of the best.…

23 mins ago

Farrukh Sabzwari Appointed as CEO of PSX, Set to Serve for Three Years

Farrukh H. Sabzwari has been appointed Chief Executive Officer (CEO) of Pakistan Stock Exchange Company…

1 hour ago

250 Government Schools to Be Run by Private Sector

RAWALPINDI: The chairman of the Punjab Education Foundation, Malik Shoaib Awan, stated on Monday that…

2 hours ago

Pakistan Launches First National Sex Offenders Register to Combat Sexual Violence

Pakistan has taken a significant step towards addressing sexual violence and abuse with the introduction…

2 hours ago

SBP Chief Reports October Remittances Exceed $3 Billion

KARACHI: The State Bank of Pakistan (SBP) is anticipating $500 million from the Asian Development…

3 hours ago

Sindh Assembly Reveals 28,500 Govt Employees’ Spouses as Illegal BISP Beneficiaries

The Sindh Assembly was informed that over 28,500 employees of the provincial government were unlawfully…

4 hours ago