KARACHI – The Pakistan Stock Exchange (PSX) benchmark index displayed gains, remaining above the 57,000-point threshold on Tuesday.
As reported by the PSX website, the KSE-100 index was trading at 57,539.71 points by 11:20 am, marking an increase of 461.75 points or 0.81 percent from its previous close at 57,077.96 points.
The previous week witnessed the benchmark index for representative shares hitting an all-time high, surpassing the 57,000-point mark following the staff-level agreement reached between Pakistan and the International Monetary Fund (IMF).
The agreement’s signing paved the way for the release of the second loan tranche, totaling $700 million, subject to the IMF Executive Board’s approval, tentatively scheduled for December 7.
Ali Malik, Chief Executive at First National Equity, attributed the day’s rally to an optimistic economic forecast in the near term. He highlighted the high expectations regarding the IMF board’s green light for the second loan tranche.
Malik emphasized the decrease in Pakistan’s trade deficit, indicating a rise in exports. He pointed out that shares were trading at a notably low price-to-earnings ratio, further indicating that the market, particularly prominent industries, presented a lucrative opportunity due to a substantial increase in asset replacement value.
Raza Jafri, Head of Equity at Intermarket Securities, said that despite the recent market rally, valuations remained favourable. He expressed a positive outlook for Pakistan equities, considering a reasonably positive top-down perspective.
Pakistani rupee continue to witness further losses against US dollar in the open market on despite positive economic indicators and massive surge in Stock Market.
On Tuesday, the dollar was being quoted at 285.1 for selling and 288.15 for buying purposes for customers.
Euro price moves down by Rs2 to 312 for buying and 315 for selling. British Pound rate stands at 358.5 for buying, and 362 for selling after increase.
UAE Dirham AED stands at 78 whereas the Saudi Riyal also witnessed fall and new price stands at 76.25.
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.24||36.59|
|New Zealand Dollar||NZD||173.44||175.44|
KARACHI – Gold continues to move upward in local market amid surge in international rates.
On Tuesday, the single tola of 24 Karat gold was available at Rs217,600, and the price for 10-gram gold saw increase of Rs943 to reach Rs186,557.
Globally, yellow metal went up by $12 to settle at $2,015 per ounce.
Last week, per tola gold price increased by Rs800 per tola, and it hovers around two month high.
|Lahore||PKR 217,600||PKR 2,600|
|Karachi||PKR 217,600||PKR 2,600|
|Islamabad||PKR 217,600||PKR 2,600|
|Peshawar||PKR 217,600||PKR 2,600|
|Quetta||PKR 217,600||PKR 2,600|
|Sialkot||PKR 217,600||PKR 2,600|
|Attock||PKR 217,600||PKR 2,600|
|Gujranwala||PKR 217,600||PKR 2,600|
|Jehlum||PKR 217,600||PKR 2,600|
|Multan||PKR 217,600||PKR 2,600|
|Bahawalpur||PKR 217,600||PKR 2,600|
|Gujrat||PKR 217,600||PKR 2,600|
|Nawabshah||PKR 217,600||PKR 2,600|
|Chakwal||PKR 217,600||PKR 2,600|
|Hyderabad||PKR 217,600||PKR 2,600|
|Nowshehra||PKR 217,600||PKR 2,600|
|Sargodha||PKR 217,600||PKR 2,600|
|Faisalabad||PKR 217,600||PKR 2,600|
|Mirpur||PKR 217,600||PKR 2,600|