MarketRadar read: Mixed for Pakistan markets: stocks and gold lower, the rupee a touch firmer.

Thursday undid Wednesday's calm at the Pakistan Stock Exchange. The KSE-100 opened higher and touched 180,310.44. Then it gave back the whole early gain and more. It closed at 177,373.76 — 1,710.04 points (0.95%) below Wednesday's 179,083.80, per Business Recorder and the PSX data portal. Gold fell for a third straight session, down Rs 10,900 a tola. The rupee closed one paisa firmer at Rs 276.61 per dollar.

Thursday against Wednesday

  • KSE-100: 179,083.80 → 177,373.76 — a drop of 1,710.04 points (0.95%); day high 180,310.44, day low 177,271.60
  • KSE-100 volume: 236.42 million shares; traded value in KSE-100 stocks Rs 22.25 billion, per PSX Terminal
  • Gold 24K: Rs 427,436 → Rs 416,536 a tola, down Rs 10,900; 10 grams Rs 366,457 → Rs 357,112
  • Silver: Rs 5,768 → Rs 5,578 a tola, down Rs 190
  • Rupee interbank: Rs 276.62 → Rs 276.61 per dollar; open-market selling Rs 279.85 → Rs 279.50
KSE-100 close
177,374177,864178,354178,845179,335179,335179,084177,374Nov 10Nov 11Nov 12

Stocks: banks and cement lead the fall

Selling built through the morning into a steep midday slide toward the 177,500 level, per Business Recorder. A brief early-afternoon lift toward 178,400 faded. The index ended near its low of 177,271.60. The All-Share index closed at 106,122.87, down 0.79%.

Commercial banks led the fall, then cement, technology, fertiliser and power, per the Tribune. UBL, Lucky Cement, HBL, Systems, FFC and NBP were among the names under pressure. MARI stood out as the one gainer of note, per KASB KTrade. The Tribune links the mood to political uncertainty around the proposed 28th Amendment and word that Israel has put its military on alert over Iran. Oil moved above $92 a barrel after dipping close to $90, its lowest in two months.

The week still shows a gain. The index stands 3,487.08 points (2.01%) above Friday's close of 173,886.68. The month shows 10,964.51 points (6.59%) above October 30's close of 166,409.25 (MarketRadar calculation).

Gold: third day of cuts

The sarafa association cut 24-karat gold Rs 10,900 to Rs 416,536 a tola. Ten grams now cost Rs 357,112 after a Rs 9,345 cut, per MM News and Mettis Global. World gold ended at $3,940 an ounce after a $109 fall, per UrduPoint — below $4,000. Silver fell Rs 190 to Rs 5,578 a tola, per MM News.

Three sessions of cuts now total Rs 15,800 from Monday's Rs 432,336 (MarketRadar calculation). On gold.pk's own quote basis, Karachi listed Rs 418,700 bid, Rs 419,700 ask per tola. Lahore quoted Rs 418,750 and Rs 419,750; Islamabad Rs 418,800 and Rs 419,800; Peshawar Rs 418,850 and Rs 419,850; Quetta Rs 418,900 and Rs 419,900. Karachi's bid sits Rs 2,164 above the association rate (MarketRadar calculation).

Rupee: steady in interbank, cash cheaper

The rupee closed at Rs 276.61 per dollar in interbank trading, one paisa firmer than Wednesday's Rs 276.62, per Business Recorder. The dollar's intraday high bid was Rs 276.75 and its low ask Rs 276.60, per Mettis Global. The National Bank of Pakistan board quoted the dollar at Rs 276.50 buying, Rs 277.00 selling, per UrduPoint.

In the open market, cash buying stood at Rs 277.20 and selling at Rs 279.50, per the Forex Association of Pakistan via Hamariweb. That leaves a Rs 2.89 gap to the interbank close. Open-market selling sits 35 paisa below Wednesday's Rs 279.85.

Key points

  • KSE-100 closed Thursday, November 12, at 177,373.76, a fall of 1,710.04 points (0.95%) from Wednesday's 179,083.80; day high 180,310.44; day low 177,271.60
  • KSE-100 volume 236.42 million shares; traded value in KSE-100 stocks Rs 22.25 billion; All-Share index 106,122.87, down 0.79%
  • Week so far: up 3,487.08 points (2.01%) on Friday's close; month: up 10,964.51 points (6.59%)
  • 24K gold (APGJSA): Rs 416,536 a tola, down Rs 10,900; 10 grams Rs 357,112, down Rs 9,345; world gold $3,940, down $109; silver Rs 5,578, down Rs 190
  • City gold bids (gold.pk): Karachi Rs 418,700, Lahore Rs 418,750, Islamabad Rs 418,800, Peshawar Rs 418,850, Quetta Rs 418,900 per tola
  • Interbank rupee Rs 276.61, one paisa firmer than Rs 276.62; NBP board 276.50 buying, 277.00 selling; open market 277.20 buying, 279.50 selling

What to watch

Friday is the week's last session, and the Tribune notes cautious sentiment may persist without positive developments on the political and regional fronts. Traders will watch whether buyers defend 177,000 after Thursday's slide and whether the MSCI review outcome shifts flows. Gold traders will watch for a fourth straight cut. The rupee's open-market gap to the interbank close stays a number to track. All of today's Pakistan figures sit on the Pakistan hub.