On Friday, November 22, 2024, Pakistan witnessed significant developments in both the gold market and the Pakistan Stock Exchange (PSX), highlighting dynamic trends in the country’s economy.
Gold Prices Soar
Gold prices in Pakistan surged by Rs. 2,500 per tola, reaching Rs. 280,500 per tola. Similarly, the price of 10-gram gold increased by Rs. 2,143, settling at Rs. 240,483, as per the rates shared by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
This rise mirrors the global trend, with international gold rates climbing to $2,693 per ounce, up by $25 during the day. A premium of $20 was also noted, indicating the growing demand and value of the precious metal in both local and international markets.
Pakistan Stock Exchange Hits a Historic High
While gold prices climbed, the Pakistan Stock Exchange (PSX) celebrated a historic milestone. The benchmark KSE-100 Index surpassed the 99,999 mark during intra-day trading for the first time ever.
By midday, the index was at 98,972.43, reflecting an impressive gain of 1,644.04 points or 1.69% from the previous day. The session recorded an intra-day high of 99,623.03, showcasing the robust performance of the market.
Factors Behind the Bullish Trend
Broad-based buying across various sectors fueled the market’s momentum. Key sectors driving the uptrend included:
- Automobile Assemblers
- Commercial Banks
- Fertilizers
- Oil and Gas Exploration Companies
- Oil Marketing Companies (OMCs)
- Power Generating Companies
Major players like FFC, FFBQL, PSO, PPL, and OGDC recorded positive movements, contributing significantly to the benchmark’s growth.
Optimism in the Market
The bullish trend in the PSX was attributed to a wave of optimism fueled by:
- Favorable Macroeconomic Statistics: Improved indicators suggest a stabilizing economy.
- Expectations of Key Policy Rate Reductions: The likelihood of a decrease in interest rates boosted investor confidence.
Economic Takeaways
- Gold Market: The surge in gold prices reflects its continued appeal as a safe-haven investment amid fluctuating economic conditions.
- Stock Market: The historic performance of the PSX indicates growing investor confidence and a positive outlook for Pakistan’s economy.
As global and domestic factors continue to shape these markets, both gold and the PSX remain pivotal indicators of Pakistan’s economic trajectory. Stay tuned for further updates on these evolving trends.
Afsheen Gohar believes in the power of clear, straightforward writing. Her blog posts tackle everyday topics with relatable insights and easy-to-follow advice. With a conversational style, she makes complex subjects feel understandable. She’s dedicated to sharing knowledge and empowering readers to take action. Find her latest posts on trending in social.
