February, 22, 2024
Market Update: Stocks Down, Dollar Pressure, Gold Surge

Market Update: Stocks Down, Dollar Pressure, Gold Surge

Infostani Sources- After a 7-day consecutive rally in the Market of stock anchor, Wednesday saw Atar experiencing bearish trends with a rise of 60500 due to profit-taking. However, the psychological level of the index points remained stable, thanks to positive sentiments and hopes. Sixty percent of share prices fell. Causing investors to lose a significant amount—27 billion, 83 crore, 37 lakh, 30 thousand, 795 rupees. Following the United Arab Emirates’ investment plan of 25 billion dollars in Pakistan. Bait Qatar, Turkey, and China are also set to invest in various sectors of Pakistan in the next 6 months.

At one point in the trading session. The index surpassed its all-time high of 61,000 points on news of a total investment of $100 billion. However, technical accuracy issues and profit-taking in sectors like banking and power generation led to a sudden shift from a bullish to a bearish trend. The KSE 100 index closed down 228.27 points at 60,501.99 points at the end of the business day.

Currency and Gold Market Movements: Dollar Depreciates Despite Multinational Pressures

Market Update: Stocks Down, Dollar Pressure, Gold Surge

Despite pressure from multinational companies in Pakistan to remit foreign exchange gains to their headquarters. The dollar depreciated in the interbank market on Wednesday. Hopes of new investment deals and positive sentiments in Bait after the Prime Minister’s visit kept the dollar interbank rate around the acceptable level of Rs 285. Aiding the dollar against the struggling rupee. At the close of business. The value of the dollar in the interbank market dropped by 13 paise to the level of 285.39 paise.

Meanwhile, the value of the dollar remained unchanged at the level of 287 rupees in the open currency market for the second consecutive day. Additionally, the price of 24-carat gold rose by Rs 2,600 to Rs 221,000 per tola in the local bullion markets. As well as the price of gold per ten grams increased by Rs 2,229 to Rs 189,472.

This Article is powered by  Weaverex. ltd