Rupee strengthens against dollar

KARACHI: The Pakistani rupee on Wednesday gained value against the dollar in open market and remained unchanged in interbank.

As per the local money market, the greenback lost 15 paisas in open market for buying at 107.45 and for selling at 107.75. The dollar remained unchanged in interbank for buying at 105.40 and for selling at 105.60.

On Friday, the dollar gained five paisas in open market for buying at 107.60 and for selling at 107.90, while it remained firm in interbank for buying at 105.40 and for selling at 105.60.

PSX remains flat amid lack of triggers

KARACHI: The Pakistan Stock Exchange (PSX) experienced another flattish close for the week, with the benchmark KSE-100 index losing 38 points to close at 39,907 on Wednesday. The index gained slightly to briefly cross the 40,000-mark and hit the day’s high at 40,063 before falling to 39,825 and closing at 39,907.

A lack of interest was seen and the turnover remained exceptionally low, with around 150 million shares worth only Rs3.94 billion traded. Out of a total of 353 traded scrips, 167 advanced while 170 declines and 16 remained unchanged. Power generation and technology sectors dominated trading with 42.3m and 31.7m shares traded respectively. Foreign corporations continued buying with Rs212m worth stocks bought in the session while mutual funds remained prime sellers.

Top index point detractors were UBL (down 2%), OGDC (1.5%), HBL (1.3%), SNGP (4.9%) & MCB (1.3%), holding 152 points, while NESTLE (up 5%), DAWH (2.3%), SEARL (3%), ENGRO (1%) & KEL (3.3%) added 85 points. On the sector front, banks shed 92 points, OMCs 54 points, E&Ps 24 points, power 23 points & cement 20 points, while food added 23 points, auto assemblers 22 points, pharma 18 points & ferts 16 points.