MarketRadar read: Mixed for Pakistan markets: stocks closed the week higher, gold flat for the weekend, the rupee steady.

Saturday gave Pakistan's markets a quiet read. The stock exchange was closed, so the KSE-100 carried Friday's finish into the weekend. Bullion counters and currency boards were still quoting, and both held their Friday shape: gold stayed at Rs 411,636 a tola, and the dollar's open-market selling quote stayed at Rs 279.55.

Friday's session, carried into the weekend

Friday's session ended at 177,873.88, up 500.11 points, or 0.28%, from Thursday's 177,373.76, per Business Recorder and The Nation. The index traded between 179,284.34 and 176,865.05, a span of 2,419.29 points, and closed near the middle of that span after a late rally.

Mari Petroleum drove the late recovery. News that its subsidiary Mari Minerals had found porphyry copper and gold at East Siah Diq in Chagai, Balochistan, pulled buyers back in during the second half, per Business Recorder. Mari Petroleum led the gainers, joined by Lucky Cement, Pakistan Petroleum, Pakistan State Oil and Fatima Fertilizer, which added about 722 points between them.

WorldCall Telecom led volumes at 303.20 million shares, and 284 of 497 companies rose against 184 fallers. Turnover reached 1.043 billion shares, worth Rs 31.001 billion, and market capitalisation stood at Rs 19.336 trillion.

The week ends higher. Against last Friday's close of 173,886.68, the benchmark is 3,987.19 points (2.29%) higher (MarketRadar calculation). No trading takes place on Saturday, so Friday's finish stays the benchmark's level until the market reopens on Monday, November 16.

Gold holds Rs 411,636 for the weekend

The All Pakistan Sarafa Gems and Jewellers Association issued no new fixing on Saturday, so its 24-karat rate stays at Friday's Rs 411,636 per tola for the weekend, per Daily Pakistan and Pakistan Observer. Ten grams stay at Rs 352,911. Silver holds at Rs 5,467 a tola, with 10 grams at Rs 4,687. The world price sits at $3,891 an ounce, per Daily Pakistan.

Bullion slid all week. Gold opened Monday at Rs 432,336 a tola, then fell in four straight sessions — Rs 1,500, Rs 3,400, Rs 10,900 and Rs 4,900 — losing Rs 20,700 from Monday's close to Friday's (MarketRadar calculation from Daily Pakistan's daily table).

The city quotes in gold.pk's Saturday table run above the association's national rate, because they come from a different quote basis. Karachi bid Rs 413,600 and asked Rs 414,600 per tola; Lahore Rs 413,650/Rs 414,650, Islamabad Rs 413,700/Rs 414,700, Peshawar Rs 413,750/Rs 414,750 and Quetta Rs 413,800/Rs 414,800. The gap between Karachi's bid and the national rate is Rs 1,964. City and national figures are not the same quote, so a local jeweller's price can differ from either.

Dollar boards hold their Friday shape

Currency boards kept the dollar close to its Friday shape, with the cash market priced above the bank market. The rupee closed Friday at Rs 276.60 per dollar in the interbank market, one paisa firmer than Thursday's Rs 276.61, per The Nation and the State Bank of Pakistan. The State Bank's table for Saturday shows interbank buying at Rs 276.50 and selling at Rs 277.00, per Hamariweb.

In the open market, dealers quoted Rs 277.25 buying and Rs 279.55 selling, per the Forex Association of Pakistan via The Nation, with Hamariweb showing the same pair. The open-market spread of Rs 2.30 runs wider than the interbank spread of Rs 0.50. These are two separate prices: banks settle with each other at the interbank quote, while the open-market quote is what cash changes hands for over a counter.

What to watch

  • Monday's PSX open: whether Friday's buying carries over near 177,874 or sellers step back in.
  • The next sarafa fixing: whether gold's four-day slide pauses near Rs 411,636.
  • Dollar boards: whether the Rs 2.55 gap between open-market and interbank selling quotes narrows or widens.

Key points

  • KSE-100: no session on Saturday, November 14; latest session Friday, November 13, closed at 177,873.88, up 500.11 points (0.28%) from 177,373.76.
  • Friday range: high 179,284.34, low 176,865.05; ready-market volume 1.043 billion shares; traded value Rs 31.001 billion; market capitalisation Rs 19.336 trillion.
  • Friday breadth: 284 risers, 184 fallers, 29 unchanged of 497; WorldCall led volumes at 303.20 million shares.
  • Week: KSE-100 up 3,987.19 points (2.29%) from last Friday's 173,886.68.
  • Gold (weekend, APGJSA): 24K at Rs 411,636 per tola, unchanged from Friday; 10 grams at Rs 352,911; world gold at $3,891 an ounce; silver at Rs 5,467 per tola.
  • Week gold move: down Rs 20,700 per tola from Monday's Rs 432,336, after four straight daily falls.
  • City gold quotes (gold.pk, Saturday): Karachi 413,600/414,600; Lahore 413,650/414,650; Islamabad 413,700/414,700; Peshawar 413,750/414,750; Quetta 413,800/414,800 per tola.
  • Dollar (Saturday boards): interbank close Friday Rs 276.60; interbank buying Rs 276.50, selling Rs 277.00; open-market buying Rs 277.25, selling Rs 279.55.