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Stocks close in green amid thin trade

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  • Stock market traded between hope and despair.
  • KSE-100 index gains 30.95 points to close at 42,761.19.
  • Shares of 334 companies were traded during the session.

KARACHI: Pakistan Stock Exchange (PSX) saw lacklustre activity on Monday but the benchmark KSE-100 index, after oscillating in a narrow band, managed to close in the green zone.

Sceptical investors adopted a cautious approach amid the continuous depreciation of the Pakistani rupee against the US dollar, mainly owing to the growing risk of defaulting and the absence of a timeframe regarding incoming financing from Saudi Arabia and China, which kept the mainboard stocks under pressure.

On the contrary, investor confidence received a boost on news of Pakistan’s current account deficit data which yawned $204 million in October 2022 as compared to September’s $363 million.

Owing to the mixed sentiments, the benchmark KSE-100 index moved in a narrow range of an intra-day high and low of 42,853.94 and 42,664.53 points, respectively to finally settle with decent gains.

The market, after opening on a positive note, witnessed fluctuations since the beginning of the session. The bourse traded between hope and despair, which eventually let loose the bulls who dragged the bourse into the green.

In initial trading, the index touched an intra-day high of 42,853.94 points, but it soon came down and remained in the red till midday. However, a buying spree in the final hour propelled the index into positive territory.

The benchmark KSE-100 share index gained 30.95 points or 0.07% to close at 42,761.19 points.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal
Benchmark KSE-100 index intra-day trading curve. — PSX data portal

Arif Habib Limited in its post-session commentary noted that a range-bound session was witnessed at the PSX today.

The KSE-100 index opened on a positive note but a lack of investors’ confidence dragged the index to trade in a narrow range. Mainboard volumes remained dry although decent volumes were observed in the third-tier stocks.

Sectors contributing to the performance included technology and communication (+97 points), commercial banks (+17 points), miscellaneous (+9.7 points), transport (+6.4 points), and oil and gas marketing companies (+6 points).

Shares of 334 companies were traded during the session. At the close of trading, 150 scrips closed in the green, 156 in the red, and 28 remained unchanged.

Overall trading volumes declined to 132.94 million shares compared with Friday’s tally of 189.28 million. The value of shares traded during the day was Rs4.57 billion.

Worldcall Telecom was the volume leader with 14.12 million shares traded, losing Rs0.04 to close at Rs1.41. It was followed by TRG Pakistan with 10.23 million shares traded, gaining Rs5.02 to close at Rs146.57 and Unity Foods with 17.13 million shares gaining Rs0.41 to close at Rs17.13.

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Changes in the US dollar’s value are directly correlated with variations in gold prices.

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The price of 24-karat gold in Pakistan increased by Rs1500 on Thursday, reaching Rs231,000 per tola. This was another jump in the price of gold in the country.

Dealers reported a comparable surge in the price of 10 grams of 24-karat gold, which is currently trading at Rs198,045 after rising by Rs1285. In addition, the cost of ten grams of 22-karat gold increased significantly, trading at Rs 181,541.

These fluctuations are strongly correlated with shifts in the US dollar’s value, demonstrating the tight connection between gold prices and exchange rates. This emphasizes how local gold markets are impacted by variables related to the global economy.

At Rs2,580, the price of 24-karat silver remains steady right now. The price of gold increased significantly on a global scale as well, rising by $14 to $2,214 per ounce.

It’s critical to understand that changes in the worldwide market can have a substantial impact on gold prices in Pakistan throughout the day. The gold rates that are offered are obtained from reliable sources, mostly situated in Karachi and Multan.

It is recommended that individuals seek the advice of nearby gold merchants and jewellers for the most precise and current information regarding gold prices.

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Pakistan pledged to finish building the TAPI gas pipeline.

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The minister discussed the importance of the TAPI gas pipeline project for Pakistan’s energy needs during a meeting with Turkmenistan’s ambassador to Pakistan, Atadjan Movlamov.

The Minister was congratulated by Ambassador Movlamov on taking office and his commitment to the project was noted.

Dr. Musadik Malik thanked the ambassador for his kind words, acknowledged the support, and promised to maintain the two nations’ friendship. The intergovernmental commission and working group meetings for the project this year were briefed by Atadjan Movlamov.

He invited the Minister to attend the Turkmenistan Energy Forum, which would take place in Paris the following month.

TAPI undertaking
The project is for the construction of a 1,680-kilometer pipeline with a 56-inch diameter that can carry 3.2 billion cubic feet of gas per day (bcfd) from Turkmenistan through Afghanistan and Pakistan to the border between Pakistan and India.

According to the terms of the TAPI agreement, Afghanistan would receive its portion of 0.5 billion cubic feet of gas per day, while Pakistan and India will each receive 1.325 billion cubic feet of gas per day.

In order to carry out the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, Pakistan and Turkmenistan inked a cooperative implementation plan in Islamabad on June 4.

Prime Minister Shehbaz Sharif and a delegation from Turkmenistan, led by Minister of Energy and Water Resources Daler Juma’a, were present at the ceremony.

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The price of gold is still rising in Pakistan.

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According to the All Sindh Sarafa Jewellers Association, the cost of 10 grams of 24 karat gold grew by Rs. 86 to Rs. 196,760 from Rs. 196,674, while the cost of 10 grams of 22 carat gold jumped to Rs. 180,363 from Rs. 180,284.

The price of silver per tola and ten grams stayed at Rs. 2,211.93 and Rs. 2,580, respectively.

According to the Association, the price of gold on the global market rose by $7 to $2,200 from $.2,193.

It is important to note that Pakistani and IMF personnel have agreed at the staff level on the second and final review conducted as part of Pakistan’s Stand-By arrangement.

The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement on the second and final review of Pakistan’s stabilization program, which is supported by the IMF’s US$3 billion (SDR2,250 million) SBA Agreement. This is according to the official statement released by a team led by Nathan Porter.

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