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PSX sails to new high, crosses 59,000 points during intraday trade

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KARACHI: The Pakistan Stock Exchange (PSX) Friday continued its upward trend as the KSE-100 index crossed the 59,000 barrier for the first time in its history during intraday trading. 

According to the PSX website, the benchmark index reached 59,397.44 points, up by 497.60 points or 0.84% at 10:24am as compared to yesterday’s close of 58,899.84 points.

The KSE-100 index. — Screengrab/PSX website
The KSE-100 index. — Screengrab/PSX website

Speaking to Geo.tv, Head of Equities at Intermarket Securities Raza Jafri said: “The market continues to make new highs on tailwinds provided by the government’s strong focus on the economy and reasonably well-managed risks for now.” 

He further said that the valuations remain attractive despite the rally, crediting the resumption of foreign buying as the key driver behind the increase. 

A day earlier, Asia’s best-performing KSE-100 index rose 1.2% on a robust economic outlook, shrinking current account deficit, and government efforts to resolve power sector circular debt, said analyst Ahsan Mehanti.

“The surging exports, ongoing rupee recovery, projections on falling interest rates and improving foreign exchange reserves following the International Monetary Fund’s (IMF) disbursement of the next tranche played a catalytic role in the record close.”

Analyst Ali Najib at Topline Securities said the equities witnessed an unstoppable bull run where the benchmark index further gained over 1%. 

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Gold prices in Pakistan see record increase

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Pakistan’s gold prices surged by an astounding Rs3,500 on Saturday. The cost of 24-karat gold increased to Rs220,300 per tola as a result of this increase in gold prices across the nation.

The price of 10 grammes of 24-karat gold increased correspondingly, according to dealers, by a significant Rs3,001, to trade at Rs188,872. In a similar vein, 10 grammes of 22-karat gold experienced an increase in price, trading at Rs173,132.

These oscillations have a strong correlation with shifts in the US dollar’s value, demonstrating the complex interplay between gold prices and exchange rates. This emphasises how local gold prices are impacted by events related to the global economy.

Additionally, the price of 24-karat silver increased by a record Rs30 to trade at Rs2,600. The price of gold increased significantly on a global scale as well, by $36, to $2,103 per ounce.

It’s important to understand that fluctuations in the worldwide market can cause considerable fluctuations in gold rates in Pakistan throughout the day. The gold rates that are offered are obtained from reliable sources, mostly situated in Karachi and Multan.

It is recommended that individuals seek the advice of nearby gold merchants and jewellers for the most precise and current information on gold prices.

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The gold price in Pakistan today

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According to the All Sindh Sarafa Jewellers Association, the price of 10 grammes of 24 karat gold increased by Rs772 to Rs184,928 from Rs184,156, while the price of 10 grammes of 22 carat gold increased to Rs169,517 from Rs168,810.

These oscillations are strongly correlated with shifts in the US dollar’s value, demonstrating the complex interplay between gold prices and exchange rates.

This emphasises how local gold prices are impacted by events related to the global economy.

On the other hand, the cost of 24-karat silver was constant at Rs 2,570. Globally, too, the price of gold increased somewhat by $9 to $2,057 per ounce.

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Pakistan receives a $2 billion loan from China, according to the finance minister

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The $2 billion loan was one year ahead of schedule and became due in March. According to reports, Beijing had informed Islamabad of the decision.

The International Monetary Fund granted Pakistan’s cash-strapped economy a $3 billion standby arrangement last summer, but the country is still battling to recover from the financial crisis.

According to ratings firm Fitch, one of the top concerns confronting the next administration would be obtaining funding from bilateral and multilateral partners due to Pakistan’s precarious foreign situation, as was stated last week.

This event occurs one month after Anwaar-ul-Haq Kakar, the acting prime minister, asked for a $2 billion loan to be rolled over for a year in a letter to his Chinese counterpart.

In his letter, Kakar also expressed gratitude for China’s efforts to lessen Pakistan’s load

of foreign payments.

It is to be noted that Pakistan acquired safe deposits of $4 billion from China to address the balance of payments issue.

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