The clouds of bearishness in the Pakistan Stock Exchange have cleared. The market had a negative end to business yesterday.
At the beginning of the business, the 100 index reached the level of 63 thousand 900 points with an increase of 700 points, but the index could not maintain its increase. At the close of business, the 100 index closed at 63,282 points with an increase of 79 points. On Thursday, the market closed down 350 points at 63,202 points.
The drop came hours after Pakistan announced plans to launch strikes inside Iran. A brokerage house attributed it to rising geopolitical tensions following Pakistan’s retaliation against Iran’s attack. On the other hand, the high flight of the Pakistani rupee against the US dollar continues.
Today, the price of the dollar decreased by 8 paise in the interbank. According to the State Bank, the dollar closed at Rs 279.90 in interbank.