Market Sentiments Affected by Delay in Circular Debt Plan and Political Uncertainty.
Shares at Pakistan Stock Exchange lose over 1,300 points in intraday. Shares at the Pakistan Stock Exchange’s benchmark index shed over 1,300 points in the intraday on Tuesday, a day after stocks lost over 1,800 points.
According to the PSX website, the KSE-100 index lost 1,381.76 points, or depreciated by 2.26%, to stand at 59,683.55 levels by 10:07am.
According to the Topline Securities, it was a bloodbath at the stock market on Monday after the benchmark index closed at 61,065.31.
“Continuing last week’s momentum, Pakistan equities commenced the business on a negative note, remained bearish throughout the session & ultimately KSE 100 index called the day at 61,065 levels (lost 1,878 points; down 2.98%),” it said in a market review.
It was of the view that such a spree could be attributed to further delay in the circular debt management plan for which the International Monetary Fund nod was awaited and might likely receive this week as informed by the Petroleum Division. “In addition, uncertainty over the political front with regards to the formation of new government grabbed the market sentiments.”
Gold prices remain unchanged in Pakistan
The price of gold remained unchanged at Rs214,300 per tola in the local market for selling on February 14 as against the earlier price, All Sindh Sarafa Jewellers Association reported.
The price of 10 grammes of 24 karat and 10 grammes of 22 karat gold remained stagnant at Rs183,728 and Rs168,416, respectively.
Similarly, the per tola and 10 grammes silver were traded at the previous rates of Rs2,600 and Rs2,229.08, respectively.
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In the international market, gold prices edged up on Tuesday, ahead of a US inflation report that could give a fresh perspective on the timing of the Federal Reserve’s first rate cut.
Spot gold was up 0.2% to $2,023.89 per ounce, after briefly slipping to a more than two-week low of $2,011.72/Oz a day earlier. US gold futures also ticked up 0.2% to $2,037.50/ounce.
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