February, 23, 2024
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Pakistan: Stock Surge, Currency Challenges

Pakistan: Stock Surge, Currency Challenges

Infostani Sources- Pakistan Stock Exchange exhibited a positive trend, rebounding after a brief one-day decline fueled by improved sentiments. The market witnessed a significant upswing, with share prices surging by an impressive 63.37%, translating to a total value of shares amounting to 18 billion 30 crore 65 lakh 76 thousand 436. The surge in share prices was marked by a notable increase of 592 points at one juncture during the trading session, only to later experience a slight dip of 109 points.

This upward trajectory was attributed to several key factors. The anticipated new monetary policy kept investment sectors on their toes, leading to cautious buying. Notably, the news of Saudi company Aramco’s investment in a 40% stake in Pakistan Petroleum Company contributed to bullish market sentiments. Despite this positive development, concerns emerged regarding the stability of interest rates, causing a momentary bearish turn. Ultimately, the KSE 100 index concluded the business day on a high note, closing at 66426.78 points, reflecting a gain of 414.46 points.

Simultaneously, the anticipation surrounding the official visit of the Army Chief to the US. Saudi Aramco’s significant investment in Pakistan’s retail petroleum sector. Also, the growing interest from overseas Pakistanis in the Roshan digital account led to an influx of over $7 billion. These factors played a role in shaping market dynamics and influencing the overall economic landscape.

Currency Challenges and Gold Price Fluctuations in Pakistan

Pakistan: Stock Surge, Currency Challenges
value of the dollar in the interbank market settling at 283 rupees 78 paisa

Despite these positive indicators, the local currency faced challenges against the US dollar in the interbank market on Tuesday. The day concluded with the value of the dollar in the interbank market settling at 283 rupees 78 paisa, representing a marginal decrease of 11 paisa. Conversely, in the open currency market, the dollar saw a decline of 11 paise. Throughout the day, the value of the dollar remained steady at 284 rupees 75 paise.

Furthermore, the precious metals market experienced fluctuations, with the price of 24-carat gold per tola witnessing a decline of Rs. 1800 to reach Rs. 13600. Similarly, the price of gold per ten grams decreased by Rs. 1543, settling at Rs. 128,183. These market movements underscore the dynamic nature of economic forces at play during the observed business day.

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