MarketRadar read: mixed

The KSE-100 finished Tuesday at 168,018.87, adding 1,454.80 points on the day. The rise works out to 0.87%, and it follows Monday's close at 166,564.07. Gold stayed put: the national sarafa association kept its 24-karat rate at Rs 412,136 per tola. The rupee ended the session at Rs 276.71 per dollar in interbank trading, one paisa firmer than Rs 276.72.

Tuesday's session ran in the opposite direction from Monday's choppy trade. Buyers set the tone from the open, and the benchmark crossed back above the 168,000 mark for the first time in the week. Market watchers linked the buying to hopes for progress in talks between the United States and Iran, which pulled world oil prices down from recent highs.

The equity session

Trading moved inside a 1,161.13-point span (MarketRadar calculation). The index reached 168,469.78 at its best and 167,308.65 at its weakest, per Business Recorder's session report. Midday profit-taking pulled the benchmark off its peak, but late buying lifted it back toward the close.

Breadth leaned positive this time: 270 counters advanced, 189 declined and 41 held flat, out of 500 traded in the ready market. Turnover in the ready market came to 517.345 million shares, against 443.432 million in the prior session. Ready-market value totalled Rs 20.704 billion, up from Rs 17.731 billion a session earlier. Market capitalisation rose to Rs 18.396 trillion, from Rs 18.293 trillion at the prior close.

Cnergyico PK led trading with 114.827 million shares, ahead of Pervez Ahmed Co at 64.936 million and Pak Refinery at 29.593 million. Unilever Pakistan Foods Limited topped the gainers, rising Rs 201.02 to Rs 26,200.00, while Pakistan Services Limited added Rs 108.37 to reach Rs 1,192.08. On the other side, Bhanero Textile Mills Limited fell Rs 38.69 to Rs 859.46, and Siemens (Pakistan) Engineering dropped Rs 35.57 to Rs 1,551.69.

Gold flat after Monday's Rs 2,400 rise

The national sarafa association (APGJSA) set its 24-karat rate at Rs 412,136 per tola on Tuesday, unchanged from Monday. Ten grams of 24-karat gold cost Rs 353,340, also flat, and a 10-gram piece of 22-karat metal stayed at Rs 323,906, per UrduPoint's gold report. Monday's Rs 2,400 rise had carried the tola rate to this level, and Tuesday brought no fresh move.

Abroad, gold held at $3,896 an ounce, per the association's figures. Silver moved the other way: the per-tola rate slipped Rs 120 to Rs 5,368, with 10 grams at Rs 4,602, down Rs 103. The world silver rate eased $1.20 to $48.90 an ounce.

City quotes from gold.pk's 6:17 pm snapshot sat above the national rate, on a different quote basis. Karachi bid Rs 413,800 and asked Rs 414,800 per tola. Lahore quoted Rs 413,850 and Rs 414,850, Islamabad Rs 413,900 and Rs 414,900, Peshawar Rs 413,950 and Rs 414,950, and Quetta Rs 414,000 and Rs 415,000. Karachi's ask sits Rs 2,664 above the national rate (MarketRadar calculation).

Rupee firms one paisa in the interbank market

The rupee closed Tuesday at Rs 276.71 per dollar in interbank trading, per Business Recorder's rupee report. That is one paisa firmer than Monday's Rs 276.72, and a second straight session of small gains for the local unit. The State Bank's mark-to-market revaluation rate for the day stood at Rs 276.7137. The National Bank of Pakistan's Tuesday treasury board quoted the dollar at Rs 276.60 buying and Rs 277.10 selling.

Cash boards quoted a wider pair. Forex Association of Pakistan boards put dollar buying at Rs 277.50 and selling at Rs 280.00, per UrduPoint's rupee report. That puts open-market selling Rs 3.29 higher than the interbank close, or roughly 1.2% more for cash (MarketRadar calculation). Bank-to-bank settlement and cash in hand are priced differently, which explains the gap. The euro closed at Rs 309.78, down Rs 0.39, and the pound at Rs 371.23, down Rs 0.28, per State Bank figures in the same report.

Read together, Tuesday's three legs split: stocks rose firmly, gold marked time, and the currency firmed by a single paisa.

Key points

  • KSE-100 closed Tuesday, November 3, at 168,018.87, up 1,454.80 points (0.87%) from 166,564.07.
  • Day high: 168,469.78; day low: 167,308.65; ready-market volume: 517.345 million shares; traded value: Rs 20.704 billion.
  • Breadth: 270 companies advanced, 189 declined, 41 unchanged, out of 500.
  • Gold: 24K flat at Rs 412,136 per tola; 10 grams at Rs 353,340; silver down Rs 120 to Rs 5,368 per tola; world gold at $3,896 an ounce.
  • City gold quotes (gold.pk, 6:17 pm): Karachi ask Rs 414,800; Lahore Rs 414,850; Islamabad Rs 414,900; Peshawar Rs 414,950; Quetta Rs 415,000 per tola.
  • Dollar: interbank close Rs 276.71 (one paisa firmer); NBP treasury board buying Rs 276.60, selling Rs 277.10; open-market buying Rs 277.50, selling Rs 280.00.