Tag: market update

  • Pakistan Stock Exchange to halt trading activity on February 8

    Pakistan Stock Exchange to halt trading activity on February 8

    In an official notice sent to all Trading Rights Entitlement (TRE) certificate holders, the Pakistan Stock Exchange Limited (PSX) has announced the closure of the exchange on Thursday, February 8, 2024. 

    This decision is attributed to the upcoming general election scheduled to take place on that day, as declared by the Election Commission of Pakistan.

    All TRE certificate Holders, along with the staff and concerned parties, are duly informed about the closure on February 8, 2024, which has been declared a public holiday by the Election Commission of Pakistan in conjunction with the national general election, PSX noted.

    Furthermore, it is pertinent to note that the PSX will also remain closed on Monday, February 5, 2024, in observance of Kashmir Day.

    Investors and market participants are urged to plan their activities accordingly, considering the temporary closure of the Pakistan Stock Exchange on these specified dates.

  • Gold prices surge in Pakistani market, 24-karat hits Rs216,500 per tola

    Gold prices surge in Pakistani market, 24-karat hits Rs216,500 per tola

    On Friday, the domestic bullion market saw a modest increase, with the price of 24-karat gold in Pakistan rising by Rs200 per tola to reach Rs216,500.

    The Karachi Sarafa Association noted that the price of 10-gramme 24-karat gold reached Rs185,614, indicating a gain of Rs172, while the 10-gramme 22-karat gold stood at Rs170,146.

    In contrast, silver remained steady in the local market, with 24-karat silver being sold at Rs2,650 per tola and Rs2,271.94 per 10-gramme.

    On the global scale, international spot gold is currently trading at 2,036.75, marking an increase of $8.55 or 0.4% for the day.

    Notably, when the Karachi Sarafa Association reported local rates, the spot rate in the international market had seen a slight uptick of $4.

  • Gold price in Pakistan registers Rs2,200 per tola single-day surge

    Gold price in Pakistan registers Rs2,200 per tola single-day surge

    On Thursday, the price of gold in Pakistan once again saw an upward trend, mirroring the global surge in rates. 

    The valued yellow metal reached Rs222,800 per tola in the domestic market, marking a noteworthy single-day gain of Rs2,200. 

    The 10-gramme gold, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), was traded at Rs191,015 following an increase of Rs1,886.

    This escalation follows a Rs1,000 per tola rise in gold prices in Pakistan on the preceding Wednesday. 

    Internationally, gold prices experienced a $20 increment, reaching $2,105 per ounce (with a premium of $20), as highlighted by APGJSA. 

    Concurrently, silver rates remained constant at Rs2,680 per tola in the local market.

  • Gold price in Pakistan drops to Rs215,400 per tola 

    Gold price in Pakistan drops to Rs215,400 per tola 

    The price of 24-karat gold per tola witnessed a decrease of Rs200, settling at Rs215,400 on Monday. This marked a decline from its previous closing at Rs215,600 on the last trading day.  

    Simultaneously, the cost of 10 grammes of 24-karat gold saw a reduction of Rs171, reaching Rs184,671 from its earlier value of Rs184,842.  

    In the case of 10 grammes of 22-karat gold, the price dropped to Rs169,282 from Rs169,439, as reported by the All Sindh Sarafa Jewellers Association. 

    The rates for silver, however, remained unchanged, with the per-tola and ten-gramme prices standing at Rs2,600 and Rs2,229.08, respectively.  

    Additionally, in the international market, the cost of gold experienced a $6 decrease, reaching $2,018 from $2,024, according to the Association. 

    Meanwhile, the recent trend of the Pakistani rupee’s appreciation against the US dollar came to a halt as the currency witnessed a marginal 0.01 per cent dip in the interbank market on Monday.  

    The State Bank of Pakistan (SBP) reported that the rupee settled at 283.90, reflecting a decrease of Re0.03. 

  • PSX resumes recovery as KSE-100 index gains 670.87 points

    PSX resumes recovery as KSE-100 index gains 670.87 points

    The KSE-100 increased for the fourth consecutive session on Friday as the rupee continued to strengthen against the US dollar, maintaining positive investor confidence at the Pakistan Stock Exchange (PSX).

    The price of WTI crude oil was $87.95 per barrel during the day, while Brent crude oil was being sold at $93.75 per barrel, bringing the global oil prices to multi-month lows.

    The domestic equities market gained 670.87 points, or 1.62 per cent, to close at 42,096.24 points as a result of this development.

    The Pakistani currency’s ongoing rebound, which continued for the sixth day in a row against the US dollar, provided additional support for the market.

    Despite initial selling pressure on the market and a period of time in which the KSE-100 index traded flat, investor interest picked up toward the end of the first session, and the market closed roughly 300 points higher.

    The rise gained momentum in the second session, which enabled the index to pass the 42,000-point threshold and conclude with significant gains.

    The day ended strongly for index heavyweights in the banking, fertiliser, cement, chemical, automobile, and cement industries. On a weekly basis, the benchmark KSE-100 increased by 4.85 per cent. Capital Stake said that the PSX had strong sentiment for the fourth straight session.

    According to Topline Securities’ analysis, Pakistan’s stocks saw good momentum as a result of softening global energy prices for coal and oil, which experienced some correction.

    The decline enabled the market maintain its purchasing mood from Thursday and helped the KSE-100 index conclude the day at 42,096 points.