PSX shares close slightly higher, ru­pee stronger

Pakistan Observer - - ECONOMY WATCH -

KARACHI—Pakistan Stock Ex­change closed marginally higher af­ter a volatile ses­sion on Tues­day, due to pos­i­tive sen­ti­ment af­ter the In­ter­na­tional Mon­e­tary Fund’s ex­ec­u­tive board ap­proved a tranche of a $6.2 bil­lion three-year pro­gramme sup­ported by an ex­tended fund fa­cil­ity ar­range­ment. The board com­pleted the 11th re­view of Pakistan’s eco­nomic per­for­mance and ap­proved the im­me­di­ate dis­burse­ment of about $501 mil­lion, the IMF said in a state­ment.

The bench­mark 100-share in­dex of the Pakistan Stock Ex­change closed 0.10 per­cent, or 37.06 points, higher at 37,076.63. Sen­ti­ment was also boosted af­ter the dis­cov­ery of oil and gas re­serves by Oil and Gas Devel­op­ment Co Ltd, said Fawad Khan, head of re­search at KASB Se­cu­ri­ties Pvt Ltd.

Oil and Gas Devel­op­ment gained 2.34 per­cent, Pakistan Petroleum Ltd rose 1.59 per cent and Pakistan Oil­fields Ltd increased 0.31 per cent. The ru­pee ended at 104.77/104.82 against the dol­lar, com­pared with Mon­day’s close of 104.82/104.83. Overnight rates in the money mar­ket rose to 5.50 per­cent from Mon­day’s close of 4.50 per cent.—Reuters

LA­HORE: Gen­eral Man­ager De­vices for Huawei Pakistan Shawn and the Deputy Gen­eral Man­ager of Huawei De­vices De­part­ment Fraz Malik Khan, along with Lin­peng in­au­gu­rat­ing Huawei Ser­vice Cen­tre.

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