Benchmark index was trading at 63,426.44 points by 10:57am
Stocks at PSX soar in intraday trade. Shares at the Pakistan Stock Exchange’s benchmark index gained more than 600 points in the early morning trade.
According to the PSX website, the KSE-100 index gained 610.63 points to reach 63,426.44 points by 10:57am.
On Friday, the benchmark KSE-100 index recorded impressive gains of 901.48 points, or 1.46%, and settled at 62,815.82 at close.
Experts attributed such a bullish run to a Bloomberg report that while quoting a government official said that Pakistan had planned to seek a new loan of at least $6 billion from the International Monetary Fund to help the incoming government repay billions of dollars in debt.
“This positivity can be attributed to the start of the process of forming a provincial government as the Punjab Assembly held its first session,” the Topline Securities had said in its report.
Gold price surges by Rs700/tola in Pakistan
The price of gold increased by Rs700 and now stands at Rs215,800 per tola for selling on February 27 in Pakistan on Monday, the All Sindh Sarafa Jewellers Association reported.
Similarly, the price of 10 grammes of gold also increased by Rs600 to Rs185,014 from the earlier price of Rs184,414.
Likewise, the price of 10 grammes 22 karat gold went up to Rs169,596 from the previous price of Rs169,046.
The price of per tola and 10 grammes silver remained unchanged at Rs2,570 and Rs2,203.36, respectively.
Gold prices inched lower on Monday pressured by a gaining US dollar, but bullion’s losses were cushioned as growing tensions in the Middle East supported the safe-haven near last session’s over two-week highs.
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Spot gold was down 0.2% at $2,032.3 per ounce, as of 0405 GMT while US gold futures edged 0.4% lower to $2,041.5 per ounce.
“Gold has exhibited some mild easing to kick-off the new week mostly due to the dollar ticking higher. However, geopolitical concerns have not dissipated, and this is keeping the yellow metal very much on the radar of investors from a safe-haven standpoint,” Tim Waterer, chief market analyst at KCM Trade, said.
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