Rupee stable against dollar

KARACHI: The rupee remained stable against the dollar at 105.35/105.55 in the inter-bank market on Wednesday compared with yesterday’s close of 105.35/105.55. The currency market has fluctuated regularly in recent months with hefty rises and falls on some occasions.

In the long run, however, the rupee has stood firm after experiencing extensive volatility, when it weakened from around Rs98 to a dollar to above Rs103 in the wake of political impasse over alleged election rigging. The central bank has imposed 100% cash margin on the import of certain consumer goods to restrict the demand for US dollars.

The rupee has been one of the best performing currencies in Asia for over three years despite the dollar’s sharp appreciation against other currencies. However, the International Monetary Fund has repeatedly said that Pakistan’s rupee is overvalued by 5-20%. According to analysts, the artificial support for the rupee has adversely affected Pakistan’s exports.

Negative streak continues as PSX sheds

KARACHI: The Pakistan Stock Exchange (PSX) Wednesday closed negative as the benchmark KSE-100 index plunged 280.99 points to close at 40662.79.

A total of 90.3 million shares worth Rs6.79 billion were traded on the exchange. Of the 350 traded scrips, 140 advanced, 188 declined and 22 remained unchanged.

Engro Corp was the volume leader with 8.97 million shares, shedding Rs7.40 to reach Rs265.77. It was followed by Azgard Nine with 7 million shares, losing Rs0.24 to end at Rs14.82 and Unity Foods(R) with 3.86 million shares, dropping Rs0.13 to close at Rs4.80.

The top three gainers were Colgate Palmolive with price per share of 2321 (108.99), Bata (Pak) with price per share of 2590 (90) and Pak Tobacco of 1260 (60).

The top three losers were Sapphire Tex with price per share of 1804.96 (-94.99), Sanofi-Aventis with price per share of 1590 (-40) and Service Ind. Ltd share of 783.15 (-33.84).