The Pakistan stock market maintained a powerful momentum on Tuesday and crossed the benchmark of 50,000 points after a gap of six years and five months, however, the PSX closed on a negative note losing 200 points and the KSE-100 index benchmark reached 49531.
The American currency showed resistance against the Pakistani rupee on the second business day of the current trading week changing the momentum of investors and the PSX closed on a negative note.
Overall, Rs10.3678 shares trading were held during the trading session on Tuesday.
Meanwhile, the Pakistani rupee also continued its winning streak and made a smart recovery of record Rs30 against the US dollar in inter-bank trade in the last month.
At the Pakistan Stock Exchange (PSX), the benchmark Karachi Stock Exchange (KSE) 100 Index increased by 192.69 to 50,324 points in the morning trading session.
The prime reasons behind the PSX performance were rupee appreciation a recent massive decrease in POL prices and a recent positive economic outlook report by the International Monetary Fund (IMF).
The US Dollar continued its downward trend on the 29th business day against the ‘unstoppable’ Pakistani Rupee and reached Rs275.75 with a decrease of eight paisas on the second day of the trading week.
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