MarketRadar read: mixed

The KSE-100 closed Friday at 166,409.25, down 784.19 points, or 0.47%, from Thursday's 167,193.44, per ARY News' session report. The fall ended a four-session winning run that had carried the benchmark above 167,000. Gold moved the same way, dropping Rs 5,100 per tola, while the rupee barely moved, closing one paisa firmer in the interbank market.

The equity session

Selling took hold after midday. Business Recorder's report puts the close near the day's low: the index touched 166,326.70 at its weakest and 167,338.73 at its best, a range of about 1,012 points (MarketRadar calculation). A brief late recovery kept the close just above the low, at 166,409.25.

Breadth was negative across the board. Of 501 companies on the ready market, 173 advanced, 300 declined and 28 stayed unchanged, per ARY News. Turnover stayed heavy even as prices fell: 825.47 million shares changed hands in the regular market, up from 816.83 million on Thursday, but traded value fell to Rs 23.12 billion from Rs 31.54 billion. Market capitalisation eased to Rs 18,388.89 billion from Rs 18,492.64 billion (MarketRadar conversion from the reported rupee figures).

Thursday's gain had rested on buying tied to hopes for Middle East peace talks, per Business Recorder's session reporting. Friday offered no such support: the same report notes tech shares sliding across Asia and a hack at Binance weighing on crypto-linked sentiment.

Gold falls Rs 5,100 after a flat Thursday

The national sarafa association (APGJSA) cut its 24-karat rate by Rs 5,100 per tola to Rs 420,536 on Friday, per Business Recorder's gold report. Ten grams fell Rs 4,373 to Rs 360,541, and 10 grams of 22-karat fell Rs 4,009 to Rs 330,507. Thursday had been a flat day at Rs 425,636 per tola, so Friday's drop wipes out that standstill and more in a single session.

The move tracked the world price. The international rate fell $51 to $3,980 an ounce, per the association's figures. Silver followed, dropping to Rs 5,530 per tola, down Rs 238 from Thursday's Rs 5,768 (MarketRadar calculation from the two published rates).

City-level quotes from gold.pk's 4:15 pm snapshot sat below the association's national rate, as they did on Thursday. That is a different quote basis rather than a contradiction. Karachi bid Rs 417,500 and asked Rs 418,500 per tola. Lahore quoted Rs 417,550 and Rs 418,550, Islamabad Rs 417,600 and Rs 418,600, Peshawar Rs 417,650 and Rs 418,650, and Quetta Rs 417,700 and Rs 418,700. The Rs 2,036 gap between Karachi's ask and the national rate (MarketRadar calculation) is the size of that basis difference.

Rupee holds at Rs 276.75 in the interbank market

The rupee closed Friday at Rs 276.75 per dollar in the interbank market, per Business Recorder's rupee report. That is one paisa firmer than Thursday's Rs 276.76 close, a second straight one-paisa step in the same direction. The National Bank of Pakistan's Friday treasury board quoted the dollar at Rs 276.65 buying and Rs 277.15 selling, a 50-paisa spread inside the banking channel, per UrduPoint's NBP table.

Open-market boards quoted a wider pair on Friday. The Forex Association of Pakistan put dollar buying at Rs 277.50 and selling at Rs 280.00, per UrduPoint's rupee report. That puts the open-market selling rate Rs 3.25 above the interbank close, a premium of about 1.2% for cash over a counter (MarketRadar calculation). The two markets should not be read as one rate. The interbank figure prices bank-to-bank settlement. The open-market figure prices cash in hand.

Three legs, one cooler session

Read together, Friday's three legs tell a cooler story than Thursday's. Stocks gave back about half of Thursday's gain, gold dropped after standing still, and the currency moved by a single paisa. The close keeps most of the four-day run: it sits 672.49 points above Wednesday's 165,736.76 (MarketRadar calculation).

Monday's question is plain. Does the late-Friday selling carry into the new week, or do fresh company results pull buyers back?

Key points

  • KSE-100 closed Friday, October 30, at 166,409.25, down 784.19 points (0.47%) from 167,193.44.
  • Day high: 167,338.73; day low: 166,326.70; regular-market volume: 825.47 million shares; traded value: Rs 23.12 billion.
  • Breadth: 173 companies advanced, 300 declined, 28 unchanged, out of 501.
  • Gold: 24K down Rs 5,100 to Rs 420,536 per tola; 10 grams at Rs 360,541; silver at Rs 5,530 per tola; world gold at $3,980 an ounce.
  • City gold quotes (gold.pk, 4:15 pm): Karachi ask Rs 418,500; Lahore Rs 418,550; Islamabad Rs 418,600; Peshawar Rs 418,650; Quetta Rs 418,700 per tola.
  • Dollar: interbank close Rs 276.75 (one paisa firmer); NBP treasury board buying Rs 276.65, selling Rs 277.15; open-market buying Rs 277.50, selling Rs 280.00.