Infostani International- Investors lost a fixed limit of 64 thousand crore rupees, with one billion 97 crore rupees sunk. The price of 218200 tola gold decreased by 1800 rupees. In the inter-bank market, the dollar increased to 281.67 due to a 5 paise decrease, and in the open currency market, it rose by 11 paise to 282.53.
Economic Overview: Investors Caution in PSE, Eurobond Surge, and Currency Market Dynamics in Pakistan
Investors exhibited cautious behavior amidst political uncertainty and in the aftermath of recent Supreme Court verdicts, contributing to marginal fluctuations in the Pakistan Stock Exchange (PSE). Despite volatility on Thursday, the index managed to maintain stability at 64,000 points. Share prices experienced a decline of 51.11%, leading to a substantial loss for investors amounting to Rs. 1,971,417,794. The KSE 100 index concluded the business day with a decrease of 7.69 points, settling at 64,639.16 points.
Simultaneously, the decision of the Special Investment Promotion Council to grant concessional gas tariffs to export industries in a bid to boost exports added an additional layer to the economic landscape.
Over the past six months, the value of Pakistan Eurobonds exhibited a noteworthy increase, climbing from 38 cents to 94 cents. This surge can be attributed to factors such as the global investors’ expression of confidence. Despite the continued depreciation of the rupee against the dollar in the interbank market on Thursday, the open market saw a contrasting trend. The interbank rate for the dollar concluded at 281 rupees 67 paise, marking a 5 paise decrease.
Financial Trends: Surge in Pakistan Eurobonds, Rupee-Dollar Dynamics, and Fluctuations in Gold Prices
However, in the open currency market, the dollar’s value increased by 11 paisa, closing at 282 rupees 53 paise. This shift was influenced by factors like the demand for the dollar from Umrah pilgrims and the medical and educational sectors. In the realm of precious metals. The price of 24 karat gold per tola experienced a notable decrease, dropping by Rs. 1800 to reach Rs. 218,200. Similarly, the price of gold per ten grams witnessed a decline of Rs. 1543, settling at Rs. 187,071 in the local bullion markets.