Rupee continue devaluation against dollar

KARACHI: The Pakistani rupee Wednesday further depreciated against the US dollar both in open market and gained some value in interbank.

As per the local money market, the greenback gained five paisas in open market for buying at 106.75 and for selling at 107.05. The dollar shed five paisas in interbank for buying at 105.35 and for selling at 105.55.

Earlier on Tuesday, the dollar gained 10 paisas in open market for buying at 106.70 and for selling at 107, while in interbank the dollar added 15 paisas for buying at 105.40 and for selling at 105.60.

Bearish trend continues as PSX loses 900 points

Karachi: After some positive weeks again Pakistan Stock Exchange returned to declines and bearish trend as PSX loses 900 points .

The index remained under pressure throughout the session, hitting a day’s high of 42,043 within the first few minutes of the session and subsequently sliding to a low of 41,025 towards the day’s close amidst sustained selling.

In all, almost 121 million shares worth Rs6.8 billion were traded. Of the total, KSE 100 stocks accounted for 63m shares.

The cement sector led activity with 21.4m shares traded, followed by the communication and banking sectors with 14.7m and 13.3m shares traded, respectively.

“Stocks fell sharply lower on political noise over National Accountability Bureau references amidst the threat of resignation by the interior minister and concerns over the outcome of the IHC dismissing the [finance minister’s] petitions challenging corruption proceedings,” said Ahsan Mehanti of Arif Habib Corporation.

He added that a dismal economic outlook, uncertainty over the outcome of the EU GSP Plus review this month, dismal data on cement and fertilizer sales for September 2017, falling global crude prices on higher OPEC output, and political uncertainty played a catalyst’s role in the bearish close at the PSX.