PSX: Bourse recovers 1000 points

KARACHI: The news apropos creation of a $ 20 billion market support fund has encouraged the bull, as a result, the KSE-100 index recovered 1,054.67 points.

According to reports when PM’s Advisor on Finance Dr. Abdul Hafeez Shaikh met the stockbrokers on 17th of this month it was agreed that a $20 billion fund would be set up in order to contain the decline on the trading floor.

Meanwhile, the plummeting value of rupee also saw a slight improvement gaining half a rupee in the open market. Presently greenbacks could be acquired for Rs. 153. 

M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.