February, 23, 2024
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Economic Upturn: Stocks Soar, Rupee Falls, Gold Rises

Economic Upturn: Stocks Soar, Rupee Falls, Gold Rises

Infostani Sources- On Thursday, the Pakistan Stock Exchange experienced a surge to unprecedented heights, driven by the optimistic outlook on Pakistan’s economy as forecasted by the IMF for the year 2024. The GDP2 index is expected to reach an impressive 1 percent, reflecting improved economic indicators and positive sentiments. This remarkable upswing propelled the KSE 100 index to soar beyond its historical milestone. Breaching the 64,500 points mark for the first time in the country’s history. At the close of business, the KSE 100 index concluded at 18,076.47 points, marking an impressive increase of 800.35 points.

Simultaneously, global trends in crude oil prices experienced a downward trajectory. Contributing to a notable depreciation of the rupee against the dollar. Closing at 284 rupees and 11 paise, the rupee saw a decrease of 284 rupees. Conversely, in the open currency market, the dollar maintained its stability, holding firm at the level of 285 rupees.

Economic Upturn: Stocks Soar, Rupee Falls, Gold Rises

Gold Prices Surge in Local Markets: Dynamic Shifts in Economic Landscape

Furthermore, the local bullion markets witnessed fluctuations as the price of 24-carat gold per tola surged by Rs. 800, reaching Rs. 218,900. Similarly, the price of gold per ten grams experienced an uptick, rising by Rs. 685 to Rs. 187,671. These economic developments underscore the dynamic nature of the financial landscape, shaped by a confluence of factors. From global commodity prices to domestic economic indicators.