Stocks rise 316 points as rupee strengthens

The benchmark of the stock market entered the green zone on Wednesday, thanks to a buying interest following a substantial improvement in the rupee’s value in the open market. Topline Securities said the local currency appreciated against the dollar by Rs10, bringing the total gain to Rs20 in just two days. According to Arif Habib Ltd, the standout share on Wednesday was Kot Addu Power Company Ltd, which rose 7.5 per cent after it announced a higher-than-expected dividend of Rs8.50 per share for 2022-23. Its profit for the year clocked in at Rs3.9 billion, down 60pc from a year ago. “The rupee’s strength is a big boost to the sentiment and will be a supporting factor in helping the market regain 46,000-point level,” it added, noting that odds were now in favour of a week-on-week gain in the KSE-100 index following four consecutive weeks of negative performance. As a result, the KSE-100 index settled at 45,807.58 points, up 316.09 points or 0.69pc from the preceding session.