Stocks gained over 700 points on Friday, with analysts attributing the bullish momentum to the rupee’s continued appreciation as well as a lower-than-expected trade deficit in July.
The benchmark KSE-100 index gained 700.15 points, or 1.69 per cent, to reach 42,125.52 points by 4:29pm, according to the Pakistan Stock Exchange (PSX) website.
Ahsan Mehanti of Arif Habib Corporation said the shares market rose because of the rupee’s appreciation and easing trade deficit.
He added that reports about the army chief meeting Saudi Arabia and United Arab Emirates officials to discuss issues related to the International Monetary Fund (IMF) and speculations over the release of the tranche acted as a catalyst.
