PSX reverses losses as KSE-100 index crosses 42,000 mark

KARACHI: Pakistan Stock Exchange (PSX) on Friday continued to reverse losses on Friday after a meagre gain a day before as the country suffers from devastating floods which has impacted government’s estimates for growth, ARY NEWS reported.

According to details, the PSX crossed the 42,000 barrier today after KSE-100 index witnessed a hike by 231 points and traded at 42,056 points.

The devastating floods across the country have impacted business opportunities across the country while damages to crops and infrastructure have also limited export opportunities for the country which is in dire need to contain its trade deficit.

The rupee is also not able to make any gains despite a loan tranche of US$1.16 million released from the IMF. In the exchange market today, the US dollar continued its flight against the Pakistani rupee for the sixth consecutive session in interbank trading.

According to Forex Association of Pakistan (FAP), the Pakistani rupee was available at Rs227.40 per dollar after gaining 1.58 during intraday trading.

Meanwhile, the greenback was being traded at Rs234 to Rs236 in open market, the forex association added.

Imports of basic food commodities including tomatoes and onions have continued pressure on the greenback after the country faced a shortage following devastation of the crops during floods.

Furthermore, some segments have also pointed towards illegal outflow of the US dollar to the neighbouring country which has continued pressure on the greenback despite release of an IMF loan tranche.