MarketRadar read: Mixed for Pakistan markets: stocks higher, gold lower, the rupee a touch firmer.
Friday closed the week on a firmer note in Karachi. The KSE-100 rose 500.11 points (0.28%) to 177,873.87, after Thursday's 1,710-point slide, per ARY News and Business Recorder. Gold fell for a fourth straight session, down Rs 4,900 a tola. The rupee closed one paisa firmer at Rs 276.60 per dollar.
Friday against Thursday
- KSE-100: 177,373.76 → 177,873.87 — up 500.11 points (0.28%); day high 179,284.34, day low 176,865.05
- KSE-100 volume: 1,042.81 million shares; traded value Rs 31.00 billion, per Business Recorder; market capitalisation Rs 19.34 trillion
- Gold 24K: Rs 416,536 → Rs 411,636 a tola, down Rs 4,900; 10 grams Rs 357,112 → Rs 352,911
- Silver: Rs 5,578 → Rs 5,467 a tola, down Rs 111
- Rupee interbank: Rs 276.61 → Rs 276.60 per dollar; open-market selling Rs 279.50, flat on Thursday
Stocks: a mining find lifts the second half
The session started near its low of 176,865.05 and climbed toward 178,000, per Business Recorder. Buying picked up in the second half and pushed the index to 179,284.34 before late selling trimmed the gain, though it still closed in the green.
Mari Petroleum set the afternoon tone. Its wholly owned arm Mari Minerals announced a porphyry copper-gold find at East Siah Diq, a target in Chagai, Balochistan, per Topline via Business Recorder. Mari Petroleum led the gainers, and it joined Lucky Cement, Pakistan Petroleum, Pakistan State Oil and Fatima Fertilizer in adding about 722 points.
Breadth stayed positive: 284 companies rose, 184 fell and 29 were unchanged out of 497 traded. WorldCall Telecom led volumes at 303.19 million shares, ahead of Kohinoor Spinning (59.50 million) and LSE Financial Services (46.79 million).
The week shows a gain. The index stands 3,987.19 points (2.29%) above last Friday's close of 173,886.68 (MarketRadar calculation). Topline put the weekly gain at 2.3%, citing lower crude prices and hopes of easing geopolitical tension after the US midterm results. The month shows 11,464.62 points (6.89%) above October 30's close of 166,409.25 (MarketRadar calculation).
Gold: fourth straight session of cuts
The sarafa association set 24-karat gold at Rs 411,636 a tola, a Rs 4,900 cut. Ten grams now cost Rs 352,911 after a Rs 4,201 cut, per Aaj English TV and Business Recorder. World gold ended at $3,891 an ounce after a $49 fall. Silver fell Rs 111 to Rs 5,467 a tola.
Four sessions of cuts total Rs 20,700 from Monday's Rs 432,336 (MarketRadar calculation). On gold.pk's own quote basis, Karachi listed Rs 414,300 bid and Rs 415,300 ask per tola. Lahore listed Rs 414,350 and Rs 415,350; Islamabad Rs 414,400 and Rs 415,400; Peshawar Rs 414,450 and Rs 415,450; Quetta Rs 414,500 and Rs 415,500. Karachi's bid sits Rs 2,664 above the association rate (MarketRadar calculation).
Rupee: steady in interbank, cash flat
The rupee closed at Rs 276.60 per dollar in interbank trading, one paisa firmer than Thursday, per Business Recorder. The State Bank table had the dollar at Rs 276.50 buying and Rs 277.00 selling, per Hamariweb.
In the open market, cash buying stood at Rs 277.20 and selling at Rs 279.50, per the Forex Association of Pakistan — a Rs 2.90 gap to the interbank close, and flat on Thursday's Rs 279.50.
Key points
- KSE-100 closed Friday, November 13, at 177,873.87, a rise of 500.11 points (0.28%) from Thursday's 177,373.76; day high 179,284.34; day low 176,865.05
- Volume 1,042.81 million shares; value Rs 31.00 billion; market cap Rs 19.34 trillion; 284 gainers, 184 losers
- Week so far: up 3,987.19 points (2.29%) on last Friday's close; month: up 11,464.62 points (6.89%)
- Mari Minerals' copper-gold find at East Siah Diq in Chagai lifted Mari Petroleum; with Lucky Cement, Pakistan Petroleum, Pakistan State Oil and Fatima Fertilizer it added about 722 points
- 24K gold (APGJSA): Rs 411,636 a tola, down Rs 4,900; 10 grams Rs 352,911, down Rs 4,201; world gold $3,891, down $49; silver Rs 5,467, down Rs 111
- City gold bids (gold.pk): Karachi Rs 414,300, Lahore Rs 414,350, Islamabad Rs 414,400, Peshawar Rs 414,450, Quetta Rs 414,500 per tola
- Interbank rupee Rs 276.60, one paisa firmer than Rs 276.61; SBP table 276.50 buying, 277.00 selling; open market 277.20 buying, 279.50 selling
What to watch
Next week opens on whether buyers hold above 177,000 after Friday's late fade, and whether the Mari Minerals find keeps drawing money into mining names. Gold traders will watch for a fifth straight cut after four sessions took Rs 20,700 off the tola. The rupee's open-market gap to the interbank close stays one to track. All of today's Pakistan figures sit on the Pakistan hub.
