Pakistan Economy: KSE ends bullish; rupee hit new low against dollar

Pakistan Economy: KSE ends bullish; rupee hit new low against dollar

Karachi: (Monday, May 28, 2012) The Karachi Stock Exchange (KSE) witnessed bullish trend today with cement and fertilizer sectors attracting most of the new buyers. Amid this positive trend, the market closed at 14,000 points.

Driven by the increased buying, the KSE 100 index ended at 0.76 or 106.45 points higher at 14,031.51 as compared to Friday’s 13,925.06. The total volume of shares traded today remained at 119.69 million.

Commenting on today’s bullish trend in the market, Samar Iqbal, a dealer at Topline Securities said, “Led by institutional buying in cement and fertilizer stocks, the market rallied to close above the 14,000-points mark.”

Led by Fauji Fertilizer Bin Qasim, that went up to 3.95 percent for closing at 41.6 rupees, the buying trend also pushed Fatima Fertilizer 2.94 per cent up at 24.85 Pakistani rupees. Similarly, Fauji Fertilizer closed after going
up for 2.15 percent and ending at 112.5 rupees.

The second leading sector for the day – cement sector, observed D.G. Khan Cement going up to 2.29 percent and closing at 43.75 rupees, while Attock Cement ended 1.88 per cent up for closing at 79.5 rupees.

Another development witnessing a new low of the country’s economy was the still depreciating rupee that hit a new low for closing at 92.14/19 to the US dollar. On Friday, as the day closed, the rupee stood at 91.70/75 per dollar.

Sharing details of the increased pressure on Pakistani rupee, a currency trader Abdul Basit said, “The pressure we saw last week on the rupee because of increased import payments was sustained on Monday, but we expect the pressure
to reduce tomorrow.”

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Posted by Fayyaz Yaseen on May 28 2012. Filed under Business, Latest News, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry