Pakistani stocks rise 1,010 points; US dollar dips in interbank

[SSGcommandoPAK]

https://www.facebook.com/authenticpakistan/?modal=admin_todo_tour

 

[war&peace]

And this is after that foreigner CEO resigned which shows that PSX liked his forced resignation
@ps3linux

 

[Mig hunter]

What's with PSX one day up and one day down trend

 

[BHarwana]

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a bullish run on Wednesday with the benchmark KSE-100 index gaining 1,010 points.

At the end of trading, the benchmark KSE-100 was up 2.89% closing just shy of the 36,000 points level at 35,959.43 points. A total volume of 151million shares were traded with a value of Rs7.19billion.

Wednesday's bullish run comes just a day after the market was dominated by bears, which dragged it below the 35,000 points.

The KSE-100 closed the outgoing week at 35,703 points, gaining 2,537 points or 7.5%—the biggest increase in the market for over a decade. The gains helped the index recover 40% of its accumulated losses in the previous weeks since fluctuations in the rupee exchange rate and economic uncertainty wreaked havoc in the financial markets.
Dollar dips in interbank

Earlier this month, the Pakistani rupee registered record lows against the US dollar following the announcement of a $6 billion bailout agreement with the International Monetary Fund foreseeing a "market-determined rate" for the Pakistani currency.

On Wednesday, the Pakistani currency also registered slight gains again the US dollar, with the greenback shedding Rs0.59 to close the3 day at Rs149.63 at the interbank.

According to the Exchange Companies Association of Pakistan (ECAP), the dollar remained unchanged at Rs150 in the open market.

https://www.geo.tv/latest/238672-us-dollar-reaches-rs15050-in-open-market

 

[ps3linux]

And this is after that foreigner CEO resigned which shows that PSX liked his forced resignation
@ps3linux

Actually the market low should be around 35,000 previous day market went south due to the false news of one such usual media house pioneer of spreading negativity about pakistan, that market support fund will be delayed lost about 1600 points (KMI30), and today after firing of Morin and clarification that Govt is about to launch both funds to support the market market went vertically north right from pre open EOD was about 2,200 points (KMI30) positive, I think market should be bullish Thursday, friday i think its closed but brokers want it to be open (lets see), monday not so sure but Monday after eid as well.

What's with PSX one day up and one day down trend

Same reason as mentioned above.

 

[Peaceful Civilian]

Good news. Need consistency in policies and we have great future.

 

[Manidabest]

True we need consistency in our policies and our policies should be trade base not like previously begging people to give us money .. Pakistani people should support its own expenditure of defence and other stuff by giving taxes fairly

 

[flameboard]

good time to invest not a huge risk at low prices. If they take off massive the profits could be huge

 

[BHarwana]

Actually the market low should be around 35,000 previous day market went south due to the false news of one such usual media house pioneer of spreading negativity about pakistan, that market support fund will be delayed lost about 1600 points (KMI30), and today after firing of Morin and clarification that Govt is about to launch both funds to support the market market went vertically north right from pre open EOD was about 2,200 points (KMI30) positive, I think market should be bullish Thursday, friday i think its closed but brokers want it to be open (lets see), monday not so sure but Monday after eid as well.



Same reason as mentioned above.

Market just crossed 36000 and dollar came down as well.

https://twitter.com/x/status/1134049585196875776

 

[ps3linux]

Market just crossed 36000 and dollar came down as well.

https://twitter.com/x/status/1134049585196875776

Actually market did close at sub 36,000 level, intraday it was over 36,500 but I think with the decision on MSF by GoP market should be positive, caveat however, is the budget and its impact on business. As on today all the portfolio I am managing is now out of stock market and into fixed income will earn something during eid holidays, even overnight repo rates are yummy these days. I would rather err on the side of caution than loose on Monday 10th June, one days opportunity cost is alright I can manage.

As for exchange rate I already mentioned in another thread PKR has achieved PPP exchange rates which is between 147 to 151, unfortunately the differential between fed rates (2.25 to 2.5%) and SBP discount rates (12.25%) will have to be accounted for means PKR should depreciate by almost 10% in the next year, unless we manage our CAD, Fiscal deficit and improve exports.

 

[zulu]

Sir as past time start giving free stock tips ? kabhi msg bhi kar lain hamain tabiyat kaisi hai yehi batany

Actually market did close at sub 36,000 level interday, it was over 36,500 but I think with the decision on MSF by GoP market should be positive, caveat however, is the budget and its impact on business. As on today all the portfolio I am managing is now out of stock market and into fixed income will earn something during eid holidays. I would rather err on the side of caution than loose on Monday 10th June, one days opportunity cost is alright I can manage.

As for exchange rate I already mentioned in another thread PKR has achieved PPP exchange rates which is between 147 to 151, unfortunately the differential between fed rates (2.25 to 2.5%) and SBP discount rates (12.25%) will have to be accounted for means PKR should depreciate by almost 10% in the next year, unless we manage our CAD, Fiscal deficit and improve exports.

 

[GumNaam]

all the indians are goin' like "but but but begging bowl but imf imf but but but..."!

 

[ps3linux]

Sir as past time start giving free stock tips ? kabhi msg bhi kar lain hamain tabiyat kaisi hai yehi batany

Private thread, please.

 

[Turingsage]

And this is after that foreigner CEO resigned which shows that PSX liked his forced resignation
@ps3linux

"The vote on the board to demand the resignation was split right down the middle, but at the end of the day the brokers got their way. It is worth asking at this time why half of the members of the board seemed satisfied, because given how the voting went, it could just as easily be seen as the brokers ganging up to oust someone they consider to be an outsider in their club."

"The continuous declines that the market had been seeing since then gathered pace, bringing the situation to the point where the brokers today are asking the government to come in with a support fund much like what happened in 2008. It is hard to miss this as the backdrop to Mr Morin’s departure, or how the brokers were able to come together against him. Having got their way, the brokers have now set their own standards too. Conflict of interest must not be tolerated in the stock-trading business, and this applies to the pattern of trades carried out by large brokers as well as the research their houses put out. "
Dawn Editorial


The market Mafia won and the govt setup 2 funds to manipulate the market for the mafia. In effect the govt now is the mafia. Why shouldn't the market go up when the govt can come in with overwhelming resources to back up the manipulators. Its a one way street now to making financial gains for them

 

[undercover JIX]

NS or Dar ki genius policies ka asar honay laga.....she aik vari fair.....kaisa diya