Daily News Pakistan

On Thursday, the gold market in Pakistan experienced a rise, leading to an up tick in gold prices. The cost of 24-karat gold saw a rise of Rs800, reaching Rs216,300 per tola. Gold dealers noted a corresponding increase in the rate of 10 grams of 24-karat gold, with a jump of Rs686, now being traded at Rs185,442. Additionally, the price of 10 grams of 22-karat gold witnessed a decrease, reaching Rs169,989. These fluctuations in gold rates are closely linked to changes in the value of the US Dollar, highlighting the intricate relationship between currency values and gold prices. This connection underscores the impact of global economic factors on local gold markets. In contrast, the price of 24-karat silver remained stable at Rs2,600. On the international front, the global gold price also experienced a slight increase, climbing by $5 to settle at $2,060 per ounce. It is important to note that gold rates in Pakistan can undergo significant changes throughout the day, influenced b...

In a nuanced market scenario, oil prices experienced a slight downturn on Wednesday, as concerns surrounding lackluster demand and the strength of the U.S. dollar outweighed the impact of escalating geopolitical tensions. The front-month March contract for Brent crude slipped by 14 cents, or 0.1%, settling at $79.41 per barrel at 0333 GMT, while U.S. West Texas Intermediate crude saw a modest decrease of 11 cents, or 0.2%, closing at $74.26 per barrel. A notable factor influencing market sentiment was the reported 6.67 million-barrel decline in U.S. crude stocks for the week ending January 19, according to sources citing American Petroleum Institute figures. However, a simultaneous 7.2 million-barrel increase in gasoline inventories raised concerns about potential repercussions for fuel demand in the world's leading oil consumer. Adding to the market complexity was the impact of a stronger U.S. dollar, causing buyers in other currencies to pay more for dollar-denominated oil a...

Escalating regional tensions took their toll on investor sentiment at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 index plunged over 1,000 points during the opening few minutes of trading on Thursday. At 10:20am, the benchmark index had recovered some of its losses to hover at 62,846.53 level, still a decrease of 720.80 points or 1.13%. Negativity was witnessed across-the-board with index-heavy sectors including cement, chemical, commercial banks, fertilizer, oil and gas exploration companies, OMCs and power generation trading in the red. Selling pressure comes as tensions between neighbouring Pakistan and Iran rose to spook investors, said experts. “This morning Pakistan undertook a series of highly coordinated and specifically targeted precision military strikes against terrorist hideouts in Siestan-o-Baluchistan province of Iran,” the Ministry of Foreign Affairs (MOFA) said in a statement on Thursday morning. “A number of terrorists were killed during the Intel...

The Pakistani rupee (PKR) registered gains against the US dollar in the interbank market on Wednesday. According to the forex dealers, the rupee appreciated by 50 paisas against the greenback and was currently being traded at Rs179.75. On Tuesday, the Pakistani rupee remained even against the US dollar as it settled for the day at Rs280.25. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar in the open market stood at Rs280.2 and Rs282.35 respectively. The price of the Euro decreased by Rs1.17 to close at Rs305.91 against the last day’s closing of Rs307.08, according to the State Bank of Pakistan (SBP). The Japanese Yen remained lost 01 paisa and closed at Rs1.91, whereas a decrease of Rs 2.14 was witnessed in the exchange rate of the British Pound, which traded at Rs355.06 compared to the last closing of Rs357.20 The exchange rates of the Emirates Dirham and the Saudi Riyal remained unchanged to close at Rs76.30 and Rs74.7...

The United States dollar continued to lose value against the Pakistani rupee on Wednesday. The US dollar lost Rs0.22 in the opening hours of trading to fall to Rs281 in the interbank market. On Tuesday, the US dollar had lost a mere 6 paisas to fall from Rs281.28 to Rs281.22. Since crossing the Rs300 mark a few months ago, the value of the dollar has slowly decreased in the face of a crackdown by the government against hoarding and smuggling. The local currency started to make some ground against the dollar in interbank and open markets after the International Monetary Fund reached a staff-level agreement with Pakistan on a $3billion stand-by agreement in July 2023.

The United States dollar slid further against the Pakistani rupee on Friday. The US dollar lost 42 paisas in value to fall to Rs281.25 in the interbank market. On Thursday, the US dollar had fallen from Rs281.72 to Rs281.67, a loss of five paisas.

The Pakistan Stock Exchange (PSX) started the day on a negative note as the benchmark index witnessed a sharp decline of over 1,200 points on Tuesday. The KSE-100 index dipped to a low of 60,464.34 points during the intraday trading, down by 1,240.75 points or 2.01%, according to the PSX website. Head of Equities at Intermarket Securities Raza Jafri media that leveraged positions may possibly still be unwinding, however, volumes are on the thinner side. "It is possible the corrective phase runs its course out this week, and that January opens on a more positive note," he added. Mohammed Sohail, chief executive of Topline Securities, in a post on X wrote that the index was undergoing a “much needed” corrective phase as the index had made rapid gains previously. He further attributed the downward spiral to a “high leveraged position” and a change in market trends as the year came to an end.

In a welcome development for Pakistani citizens grappling with inflation, the government is poised to introduce further relief for petroleum consumers. There is an anticipated reduction of Rs1.72 per litre in Pakistan’s petrol price in the upcoming fortnightly pricing update. Conversely, High-Speed Diesel (HSD) in Pakistan is expected to see a modest increase of approximately Rs1 per litre, attributed to a slight uptick in international diesel rates. If these adjustments are implemented, the new petrol price in Pakistan is projected to be Rs265.62 per litre, while diesel is expected to be priced at Rs277.21 per litre after the anticipated increase. The expected decline in petrol price is a result of a slight downturn observed in international petroleum product prices since the last fortnight’s review. Despite the potential reduction in Pakistan’s petrol price to below Rs2 per litre, opinions may vary. While some may view it positively, others may not consider it a significant re...

The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.21% during the opening hours of trading in the inter-bank market on Friday. At 10am, the rupee was hovering at 282.20, an increase of Re0.59, in the inter-bank market. On Thursday, the rupee had registered a marginal gain to settle at 282.79 against the US dollar. In a related development, foreign exchange reserves held by the State Bank of Pakistan (SBP) reserves fall below $7 billion. The reserves decreased by $136 million to $6.904 billion due to debt repayments during the week ended December 15, 2023. Internationally, the US dollar languished near a more than four-month low on Friday ahead of a reading on a key US inflation gauge due later in the day, which will provide further clarity on how much room the Federal Reserve has to cut interest rates next year. The greenback hit a five-month trough against the New Zealand dollar and a three-week low against the euro in early Asia trade, res...

The US Dollar experienced another decline on the first day of business week, as it depreciated by 26 paisas in the interbank market against the Pakistani Rupee, settling at Rs283. This marks a consistent trend of the US Dollar's decreasing value against the Pakistani Rupee. Over the last week, the local currency appreciated by 61 paisas and settled at Rs283.26 against the US dollar in the interbank market. On the last day of the business week on Friday, the mighty Dollar had experienced a drop of 36 paisas in the interbank market, settling at Rs283.15. This was the fifth consecutive week that the Rupee appreciated against the Dollar, which could be attributed to the recent staff-level agreement between Pakistan and the International Monetary Fund (IMF). The stock market also reflected this positive momentum as well, with the KSE-100 Index witnessing a bullish trend. The index rose by an impressive 362 points, reaching 65,812 points since the opening of business. Furthermore,...

In Friday’s trading session, the Pakistan Stock Exchange’s benchmark KSE-100 index concluded at 66,130.02, marking an impressive gain of 679.83 points, or 1.04 per cent. The positive momentum observed today is attributed to a series of significant developments, signalling potential avenues for attracting crucial foreign investments to alleviate the financial challenges faced by the nation. Furthermore, the successful acquisition of Telenor by PTCL, valued at approximately $400 million, has contributed to bolstering market sentiments. The KSE-100 index maintained its positive trajectory throughout the day, reaching an intraday high of 66,346.77 (+896.58) and a low of 65,559.49 (+109.30) points. The total trading volume of the KSE-100 index surged to an impressive 984.029 million shares. Among the 100 index companies, 60 concluded with gains, 19 with losses, and 21 remained untraded. Supporting sectors for the KSE-100 index included oil and gas exploration companies with 159.49 po...

Petrol and diesel prices in Pakistan are poised to experience a reduction in the upcoming week, with reports indicating a noteworthy decline. The anticipated decrease amounts to Rs13 per litre for petrol and an even more substantial reduction of Rs15 per litre for diesel, slated for implementation on December 16, pending approval in the fortnightly review by the government. It is expected that the official announcement regarding the revision of petrol and diesel prices will be made before 12 am on December 15, with the new rates set to take effect from 12 am on Saturday, December 16. Insights into the global market reveal a decline of $5.49 per barrel in the price of petrol, bringing the current cost per barrel to $94.95. Similarly, diesel has seen a reduction of $5.13, with its price now standing at $100.05. As of the latest data, the existing petroleum prices in Pakistan are Rs281.34 per litre for petrol and Rs289.79 per litre for diesel for all cities including Lahore, Karach...

Bulls maintained their grip on the Pakistan Stock Exchange (PSX) as the benchmark index shot past the 66,000 mark on Friday by gaining over 1,000 points. According to the PSX website, the KSE-100 index gained 1,302.45 points or 2.01% to reach 66,020.52 points at 11:39am during the intraday trading. Raza Jafri, who is the head of equities at Karachi-based Intermarket Securities, said that the banks and energy sector lead the rally at the bourse as cheap valuations and a reasonably settled environment help flows remain strong as foreign and local buys continue to invest. "The MPC (Monetary Policy Meeting) next week should set the tone for near-term trading. While unchanged interest rates are widely expected, investors will look for clues in the text of the monetary policy statement to gauge how much interest rates can come down by next year," he added.

The dollar fell by 67 paisas against the rupee in the mid afternoon trade in the interbank market on Friday, market dealers said. At midday, the rupee was hovering at 284.50, an increase of Re0.67 in the inter-bank market. The greenback closed at Rs285.17 against the local currency on Thursday, according to the central bank. Although the decrease is marginal it is the fourth consecutive day that the foreign currency fell against the rupee. The government has attributed the rupee appreciation to the crackdown on illegal hoarders and money exchangers. Meanwhile, the total liquid foreign exchange reserves held by the State Bank of Pakistan increased by $77 million to $7.257 billion during the week ended November 24, 2023. The US dollar was on the backfoot in the international market on Friday, while the euro nursed steep losses as traders weighed data that showed inflation was easing, stoking expectations that interest rates had peaked and central banks would soon start cutting rat...

The Federal Board of Revenue (FBR) on Thursday withdrew its orders to freeze the Pakistan International Airlines’ bank accounts but at the same time clarified that these directives did not bar it from pursuing recovery proceedings. The national carrier has been lately embroiled in a financial crisis. On Wednesday, the FBR had frozen 28 PIA accounts. Additionally, Pakistan State Oil had threatened to stop the airline’s oil supply if outstanding dues were not settled. These actions came at a time when a team from the European Union’s Avi­ation Safety Agency (EAS­A) was in Pakistan to assess issues related to flight safety. The EASA had barred PIA from operating flights to Europe after a plane crashed in Karachi on May 22, 2020. The restrictions were imposed in light of an explosive claim by former aviation minister Ghulam Sarwar Khan in parliament that 40 per cent of Pakistani pilots had questionable qualifications. In a notification today, the FBR’s deputy commissioner for Inland ...

Continuing its bull run from the preceding sessions, the benchmark index of the Pakistan Stock Exchange (PSX) hit yet another all-time high on Friday and crossed the 59,000 milestone. According to the PSX website, the KSE-100 index stuck 59,402.82 points at 10am, up 502.98 or 0.85 per cent from the previous close of 58,899.84. The benchmark of representative shares has recorded steady gains throughout the week, thanks to the improving macroeconomic outlook following the successful review of the International Monetary Fund (IMF) programme. The IMF funds, expected to be issued next month after the lender’s executive board board meeting, are a second tranche of the nine-month bailout package. This will bring total disbursements under the $3bn package, approved in July, to almost $1.9bn. Speaking to Dawn.com today, Raja Jafri, head of equities at Intermarket Securities Ltd, attributed the rally to the return of foreign institutional buying. “Despite the recent sharp rally, valuation...

The prices of per tola 24 karat gold increased by Rs 900 and was sold at Rs 216,500 on Wednesday against its sale at Rs 215,600 the previous day. The price of 10 grams of 24 karat gold also increased by Rs 766 to Rs 185,614 from Rs 184,842 whereas the prices of and 10 gram 22 karat gold increased to Rs 170,146 from Rs 169,439, the All Sindh Sarafa Jewellers Association reported. The price of per tola and ten gram Silver witnessed no change and was sold at Rs 2,550 and 2,186.21 respectively. The price of gold in the international market increased by $11 to $2,022 from $2,011, the Association reported.

The Pakistani rupee gained 83 paise against the US dollar in the interbank market on the back of investor enthusiasm over a staff-level agreement between Pakistan and the International Monetary Fund (IMF). The PKR gained 83 paise against the USD in the interbank and trading at Rs286.55. The banks are selling the dollar to importers at Rs287.35, while in the open market the greenback is being sold at Rs289, the forex dealers said. The State Bank of Pakistan said the rupee closed at Rs287.38 the other day. According to market experts, the Pakistani rupee is appreciating against the greenback as Pakistan and the International Monetary Fund have reached an agreement on the first review of the 9-month SBA. On Wednesday, the International Monetary Fund (IMF) announced that its staff and Pakistani authorities have reached an agreement on the first review of the $3-billion, Stand-By Arrangement (SBA).

The International Monetary Fund (IMF) has demanded ‘do more’ from Pakistan over tax recovery. International lender has demanded more recovery of income tax from retailers and real estate sectors, while increasing income tax recovery on agriculture income, sources said. IMF has urged federal government and provinces to take joint efforts for taxes recovery. “A fixed tax on retailers can be imposed after December in case of shortfall in tax collection,” sources said. The FBR has been empowered to introduce a scheme for imposition of tax on retailers. The IMF has also demanded consultation with provinces for imposing tax on agriculture and real estate sectors. The IMF mission has also extended proposals to the FBR for amendments in tax policy and addressing flaws in taxation. The monetary fund has suggested an effective taxation policy and enforcement in sectors with lesser tax recovery, sources said. The FBR has provided the revenue projection report till the end of current fisca...

The Pakistani rupee posted marginal gains against the US dollar, appreciating 0.03% during the opening hours of trading in the inter-bank market on Wednesday. At 10:40am, the rupee was hovering at 286.31, an increase of Re0.08 in the inter-bank market. On Tuesday, the rupee had depreciated 0.38% to settle at 286.39 against the US dollar. In a related development, Pakistan and the International Monetary Fund (IMF) are likely to initiate policy-level talks from 13th November (Monday) onwards. The caretaker Finance Minister Dr Shamshad Akhtar told the media on Monday that she is optimistic about the success of talks with the IMF on the first review while responding to questions outside the Finance Ministry. She added that talks are progressing positively as all the ministries and divisions have implemented the agreed targets and their performance is satisfactory. Internationally, the US dollar regained its footing on Wednesday and inched higher after a slew of Federal Reserve speak...