MarketRadar read: mixed

The KSE-100 finished Monday at 166,564.06, adding 154.81 points on the day. The gain works out to 0.09%, and it follows Friday's close at 166,409.25. Gold moved up too: the national sarafa association lifted its 24-karat rate by Rs 2,400 per tola to Rs 412,136. The rupee ended the session at Rs 276.72 per dollar in interbank trading, three paisa firmer than Rs 276.75.

Monday's finish builds on last week's recovery, when the index snapped a five-week losing run with a 4,034.37-point rise, or 2.5%. The new week did not start smoothly, though. Early selling dragged the benchmark down before buyers returned in the afternoon and pushed it back above 166,500.

The equity session

Trading swung across a 1,404.34-point span (MarketRadar calculation). The index touched 165,585.42 at its weakest and 166,989.76 at its strongest, per Business Recorder's session report. A late pullback left the close below the day's best, but still positive.

Breadth stayed negative even as the headline number rose: 137 counters advanced, 319 declined and 40 held flat, out of 496 traded in the ready market. Turnover in the ready market came to 443.432 million shares, against 825.467 million in the prior session. Ready-market value totalled Rs 17.731 billion, below Rs 23.123 billion a session earlier. Market capitalisation eased to Rs 18.293 trillion, from Rs 18.389 trillion at the prior close.

Cnergyico PK led trading with 93.110 million shares, ahead of Pervez Ahmed Co at 45.177 million and TPL Properties at 30.105 million. Pakistan Services Limited topped the gainers, rising Rs 98.52 to Rs 1,083.71. Pakistan Engineering Company Limited added Rs 38.73 to reach Rs 919.02. On the other side, Unilever Pakistan Foods Limited fell Rs 281.02 to Rs 25,998.98, and PIA Holding Company Limited dropped Rs 250.00 to Rs 13,700.00.

Gold climbs Rs 2,400 after Saturday's sharp fall

The national sarafa association (APGJSA) set its 24-karat rate at Rs 412,136 per tola on Monday, up Rs 2,400 from Saturday's Rs 409,736. Ten grams of 24-karat gold cost Rs 353,340, up Rs 2,058, and a 10-gram piece of 22-karat metal reached Rs 323,906, up Rs 1,886. Monday's rise recovers less than a quarter of Saturday's Rs 10,800 drop (MarketRadar calculation), so buyers still pay less than they did before the weekend slide.

Abroad, gold added $24 to $3,896 an ounce, per the association's figures. Silver per tola rose Rs 100 to Rs 5,488, with 10 grams at Rs 4,705, up Rs 86. The world silver rate moved up $1 to $50.10 an ounce.

City quotes from gold.pk's 5:26 pm snapshot sat close to the national rate, on a different quote basis. Karachi bid Rs 411,200 and asked Rs 412,200 per tola. Lahore quoted Rs 411,250 and Rs 412,250, Islamabad Rs 411,300 and Rs 412,300, Peshawar Rs 411,350 and Rs 412,350, and Quetta Rs 411,400 and Rs 412,400. Karachi's ask sits just Rs 64 above the national rate (MarketRadar calculation).

Rupee firms three paisa in the interbank market

The rupee closed Monday at Rs 276.72 per dollar in interbank trading, per Business Recorder's rupee report. That is three paisa firmer than Friday's Rs 276.75, and a gain of 0.01% on the day. The National Bank of Pakistan's Monday treasury board quoted the dollar at Rs 276.65 buying and Rs 277.15 selling.

Cash boards quoted a wider pair. Forex Association of Pakistan boards put dollar buying at Rs 277.55 and selling at Rs 280.05, per UrduPoint's rupee report. That leaves open-market selling Rs 3.33 above the interbank close, a premium of about 1.2% for cash over a bank counter (MarketRadar calculation). The two figures price different things: bank-to-bank settlement versus cash in hand. The euro closed at Rs 310.17, up Rs 0.38, and the pound at Rs 371.51, up Rs 0.32, per State Bank figures in the same report.

Read together, Monday's three legs point the same way: stocks edged up, gold clawed back part of a steep weekend fall, and the currency firmed by a few paisa, even as sellers outnumbered buyers on the equity breadth.

Key points

  • KSE-100 closed Monday, November 2, at 166,564.06, up 154.81 points (0.09%) from 166,409.25.
  • Day high: 166,989.76; day low: 165,585.42; ready-market volume: 443.432 million shares; traded value: Rs 17.731 billion.
  • Breadth: 137 companies advanced, 319 declined, 40 unchanged, out of 496.
  • Gold: 24K up Rs 2,400 to Rs 412,136 per tola; 10 grams at Rs 353,340; silver at Rs 5,488 per tola; world gold at $3,896 an ounce.
  • City gold quotes (gold.pk, 5:26 pm): Karachi ask Rs 412,200; Lahore Rs 412,250; Islamabad Rs 412,300; Peshawar Rs 412,350; Quetta Rs 412,400 per tola.
  • Dollar: interbank close Rs 276.72 (three paisa firmer); NBP treasury board buying Rs 276.65, selling Rs 277.15; open-market buying Rs 277.55, selling Rs 280.05.