MarketRadar read: mixed

Saturday gave Pakistan's markets a split picture. The stock exchange was closed for the weekend, so the KSE-100 carried Friday's finish into the break. Bullion counters and currency boards were still quoting. Gold fell for a second day in a row, while the dollar's open-market selling quote held at Rs 280.

Friday's equity session, carried into the weekend

Friday's session at the Pakistan Stock Exchange ended at 166,409.25, down 784.19 points, or 0.47%, from Thursday's 167,193.44, per ARY News' session report. The index traded between 167,338.73 and 166,326.70, a span of 1,012.03 points, and closed close to the lower end of that span. The drop closed a four-session winning run that had lifted the benchmark past 167,000.

Breadth leaned against buyers. On the ready market, 173 companies rose, 300 fell and 28 were unchanged, out of 501 in total. Turnover in shares rose while turnover in rupees fell. In the regular market, 825,467,439 shares changed hands, up from 816,834,095 on Thursday. Traded value eased to Rs 23,122,732,916 from Rs 31,541,890,680. Market capitalisation eased to Rs 18,388.89 billion from Rs 18,492.64 billion.

With no session on Saturday, that Friday finish is the benchmark's standing level until trading resumes on Monday, November 2. The open question for Monday is whether Friday's late selling resumes or buyers step back in at the lower level.

Gold falls Rs 10,800 on Saturday

The All Pakistan Sarafa Gems and Jewellers Association cut its 24-karat rate by Rs 10,800 per tola to Rs 409,736 on Saturday. Both Daily Pakistan's report and UrduPoint's report give the same figures, and both cite the association. Ten grams fell Rs 9,259 to Rs 351,282.

Saturday's cut follows Friday's Rs 5,100 drop. Added together, the two sessions took Rs 15,900 per tola off the rate from Thursday's Rs 425,636. The world price moved the same way: international gold fell $108 an ounce to $3,872, from $3,980 on Friday. Silver fell Rs 142 per tola to Rs 5,388.

City quotes from gold.pk's Saturday table sit above the association's national rate, on a different quote basis. Karachi bid Rs 410,000 and asked Rs 411,000 per tola. Lahore quoted Rs 410,050 and Rs 411,050, while Islamabad quoted Rs 410,100 and Rs 411,100. Peshawar quoted Rs 410,150 and Rs 411,150, and Quetta quoted Rs 410,200 and Rs 411,200. The gap between Karachi's ask and the national rate is Rs 1,264. Shoppers should check a local jeweller's quote before a purchase, since city and national figures are not the same quote.

Dollar boards hold their Friday shape

Currency boards quoted on Saturday kept the dollar close to its Friday shape, with the cash market priced above the bank market. In the interbank market, banks quoted the dollar at Rs 276.65 buying and Rs 277.15 selling, per MM News' rate report. That pair brackets Friday's interbank close of Rs 276.75.

In the open market, dealers quoted the dollar at Rs 277.50 buying and Rs 280 selling. The open-market selling quote sits Rs 2.85 above the interbank selling quote, and the open-market spread of Rs 2.50 is wider than the interbank spread of Rs 0.50. The two markets price different things: the interbank quote prices bank-to-bank settlement, while the open-market quote prices cash over a counter. Reading them as one rate would mix those two prices.

What to watch

  • Monday's PSX open: whether Friday's selling resumes or buyers return near 166,409.
  • The next sarafa fixing: whether the two-day gold slide pauses near Rs 409,736.
  • Dollar boards: whether the Rs 2.85 gap between open-market and interbank selling quotes narrows or widens.

Key points

  • KSE-100: no session on Saturday, October 31; latest session Friday, October 30, closed at 166,409.25, down 784.19 points (0.47%) from 167,193.44.
  • Friday range: high 167,338.73, low 166,326.70; regular-market volume 825,467,439 shares; traded value Rs 23,122,732,916.
  • Friday breadth: 173 risers, 300 fallers, 28 unchanged, out of 501 companies.
  • Gold (Saturday, APGJSA): 24K down Rs 10,800 to Rs 409,736 per tola; 10 grams at Rs 351,282; world gold at $3,872 an ounce, down $108; silver at Rs 5,388 per tola, down Rs 142.
  • Two-day gold move: down Rs 15,900 per tola from Thursday's Rs 425,636.
  • City gold quotes (gold.pk, Saturday): Karachi ask Rs 411,000; Lahore Rs 411,050; Islamabad Rs 411,100; Peshawar Rs 411,150; Quetta Rs 411,200 per tola.
  • Dollar (Saturday boards): interbank buying Rs 276.65, selling Rs 277.15; open-market buying Rs 277.50, selling Rs 280.