Midday Report: PKR loses 73 paisa, KSE-100 index up by 376 points

June 09, 2022 (MLN): Losing its previously earned gains, the Pakistani rupee (PKR) saw a drop of 73 paisa in intraday trade compared to the previous closing of PKR 201.52 per USD.

On the other hand, the KSE-100 index reported a gain of over 375 points or 0.91% at the same time as the index is currently trading at 41,929.85. 

The rupee was quoted at 202.16/ 202.66 (12:05 PST) with trades being reported at PKR 202.25 per USD.

The prevailing uncertainty on the economic front has made matters worst along with the expectation of a decline in subsidies and an increase in taxes.

There is nothing very exciting to talk about in the economy. Moody’s has downgraded 5-Local Banks' outlook to negative, Asad Rizvi, the former Treasury Head at Chase Manhattan said.

While oil continues its upward journey, Brent hitting $124 is in continuation of bad news, he added.

Amongst the sectors, oil & gas exploration, fertilizers, pharmaceuticals, and technology have gained 98.47, 39.67, 39.28, and 38.32 points, respectively.

Company-wise, the scrip of DAWH, POL, PPL, PSO, and SYS have witnessed major buying activity.

This upward recovery in PSX during the trade is attributed to the positive news wherein it mentioned that the export sector will likely get tax relief to some extent. Meanwhile, due to the increase in oil prices in the international market, the margins of E&P companies will see a significant increase, Shayan Jaan, Equity Trader at Intermarket Securities told Mettis.  

Copyright Mettis Link News