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Tuesday, October 19, 2021

Bulls lift PSX index but 24 karat gold price decreases

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The price of 24 karat gold decreased by Rs50 and was traded at Rs 86,150 per tola, against the last closing of Rs 86,200 per tola the previous day, according to the Karachi Sarafa Association.

Likewise, the price of 10 gram gold also declined by Rs43 to Rs73960 against Rs 74,3903 during the previous day. The price of silver remained stable and was traded at Rs 1000 per tola and that of 10 gram silver was traded at Rs 857.34.

In international market, the price of per ounce gold increased by $3 and was traded at $1469 against closing of $1466 on last trading day. It is interesting that gold demand climbed in India, with sellers charging premiums for the first time in five-and-a-half months as jewellers took advantage of a price dip and lower imports squeezed supply.

Dealers charged a premium of up to $1.50 an ounce over official domestic prices this week, compared with discounts of up to two dollars an ounce last week. The domestic price includes a 12.5 percent import tax and a 3 percent sales tax. Gold futures were trading around 37,978 rupees per 10 grams on Friday, down from a record 39,885 rupees touched in September.

In top consumer China, premiums of $4-$4.50 an ounce were quoted, little changed from last week’s four – five-dollar mark-ups. “Demand in Shanghai is getting pressured because the economy is not doing well. People do not have enough money to buy the expensive metal,” said Samson Li, a Hong Kong-based precious metals analyst at Refinitiv GFMS.

Hong Kong and Singapore demand steadied after a dip in global benchmark prices, which have fallen over seven percent from a six-year high of $1,557 an ounce hit in early September. In Hong Kong, gold was sold at a premium of $0.30-$0.50 an ounce versus $0.40-$0.50 last week. Violent protests in the financial hub have deterred buyers recently.

BULLS LIFT PSX INDEX: The bullish sentiments ruled the Pakistan Stock Exchange (PSX) during the whole trading week, lifting the KSE-100 index by 1605.73 points to 37,583.89 points on the last trading day compared to its positioning at 35,978.16 points on last Saturday.

Throughout the week, the bulls rule the KSE-100 and and cumulatively the index went up by over 4.46 percent during the week under review, according to the week-long PSX trading data. The week-long performance shows the index positively growing 340.69 (0.91%) points on Friday; 76.26 (0.21%) points on Thursday; 401.40 (1.09%) points on Wednesday; and 824.94 (2.29 %) points on Monday.

One day on Tuesday, the index witnessed bearish trend and recorded negative growth of 37.54 points (0.10). According to break up figures, the KSE-100 index on Friday closed at 37583.89 points with positive change of 340.69 points (0.91%) compared to the closing at 37243.2 the previous day. A total of 369,038,836 shares were traded, valuing Rs9.587 billion.

Total 400 companies’ transacted shares in the Stock Market on Friday out of which, 296 recorded gain and 94 sustained losses whereas the share price of 10 companies remained unchanged. On Thursday, the index closed at 37243.2 points with positive change of 76.26 points (0.21%) while a total of 336,365,942 shares were traded, valuing Rs 10.158 billion.

Total 395 companies’ transacted shares in the Stock Market on Wednesday, out of which 228 recorded gain and 150 sustained losses whereas the share price of 17 companies remained unchanged. The index noted bullish trend on Wednesday as KSE 100 index closed at 37166.96 points with positive change of 401.40 points (1.09%) compared to the closing at 36,765.56 the previous day.

A total of 275,430,851 shares were traded with total value o Rs 10.758 billion. Total 379 companies’ transacted shares in the Stock Market Wednesday, out of which 230 recorded gain and 130 sustained losses whereas the share price of 19 companies remained unchanged.

However, the index on Tuesday stayed bearish and closed at 36,765.56 points as compared to 36,803.10 points on the last working day with the negative change of 37.54 points (0.10 %). A total of 292,060,810 shares were traded, valuing Rs 9.991 billion

The PSX on Monday had noted bullish trend as KSE 100 index closed at 36,803.10 points as compared to 35,978.16 points on the last working day with the positive change of 824.94 points (2.29 %). A total of 282,944,821 shares were traded with the value of shares traded during the day stood at Rs 9.094 billion.

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Staff Writerhttps://www.thewallet.com.pk
The Wallet Team produces these stories.
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