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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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Current gold price in Pakistan: January 20, 2025

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On Monday, gold prices in Pakistan experienced a notable rise due to a favorable change in worldwide markets.

The price of gold per tola increased by Rs500, attaining Rs282,900.The increase followed a decrease in gold prices during the prior session, where the price had dropped by Rs200 to conclude at Rs282,400 on Saturday.

On Monday, the price of 10 grams of gold increased by Rs429, reaching Rs242,541.

The increase in local gold prices reflected the favorable trend in the worldwide market, where the price of gold per ounce reached $2,708, plus an additional premium of $20. This was a $5 rise inside a single day.

Conversely, silver prices declined, with the price per tola decreasing by Rs9 to reach Rs3,372.

Analysts ascribe the rise in gold prices to variations in global demand, as investors seek refuge in precious metals amid economic concerns. As global markets exhibit ongoing volatility, analysts anticipate additional swings in the values of gold and silver in the forthcoming weeks.

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Business

After gaining almost 900 points, the KSE-100 has surpassed the 116,000 mark, indicating a bullish trend.

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The KSE-100 index advances by more than 900 points, reaching a new high of more than 116,200. This indicates that the Pakistan Stock Exchange is experiencing a bullish trend at the beginning of business.

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SBP’s Monetary Policy Committee is scheduled to meet on January 27 in order to make a decision regarding monetary policy.

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For the purpose of making decisions regarding the monetary policy, the monetary policy committee of the State Bank of Pakistan will convene on January 27.

At a press conference that will take place on the same day as the meeting, Governor Jameel Ahmad of the State Bank of Pakistan will formally announce the decision about the monetary policy.

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