ISLAMABAD: The stock market in Pakistan has gained more than 910 points till 2:20 pm as the value of dollar crashed on Monday amid improvement in the key economic indicators.
The KSE-100 benchmark index surged to 41,101 points with an increase of 910.05 points, 2.26 percent on Wednesday. The Pakistan Stock Exchange’s 100 index touched 41,208 points highest level and 40,191 lowest level till 2:20 pm. Volume of the shares traded in the market amounted to 106.71 million, involving an amount of 5.676 billion rupees.
Meanwhile, on the other hand, the US dollar has crashed in the inter-bank and open market amid improvement in economic indicators in the month of July.
On Wednesday the US dollar fell to 226 rupees in the inter-bank and 227 rupees in the open market as against previous day’s exchange rate of 238 rupees.
Thus, on Wednesday (August 3) the US dollar demonstrated the biggest single-day decline of about Rs12 in its value against local currency, which is being seen a good development for economic stability in the country.
This astounding recovery is being linked to the improved economic fundamentals as the import bill in July 2022 has been reduced to $4.86 billion, down by 38.31% MoM, compared to $7.88bn in the previous month.
This astounding recovery is being linked to the improved economic fundamentals as the import bill in July 2022 has been reduced to $4.86 billion, down by 38.31% MoM, compared to $7.88bn in the previous month.
While compared to the corresponding month the previous year, the imports showed a decline of 12.81% from $5.57bn reported in July 2021, the latest data issued by the Pakistan Bureau of Statistics (PBS).
The trade deficit for the outgoing month narrowed to $2.64bn compared to a deficit of $4.96bn in the preceding month, witnessing a slump of 46.77% MoM.
Analysts said that the IMF’s statement about the fulfilment of all its upfront actions by the government to qualify for the resumption of loan caused a blow to the value of dollar on Wednesday.
