The Pakistan Stock Exchange (PSX) witnessed a downward trend on the first day of the business week. After closing at 1,49,178 points, the benchmark 100 Index of the PSX declined by 4687 points from its previous closing of 1,56,177 points. During the trading session, the 100 Index touched a low of 1,48,747 points and a high of 1,53,943 points.
This downward trend comes on the heels of the announcement of a new strategy by the authorities, focusing on three key sectors. The international market is under pressure due to the ongoing conflict in the Middle East, which is affecting the prices of oil in Pakistan. The global market saw a significant increase in gold prices, which has not been typical in such situations.
According to a statement by the Ministry of Finance, Pakistan’s current account surplus was recorded at $427 million by February. The State Bank of Pakistan has released data on foreign investment. The Strait of Hormuz, through which around 20% of the world’s oil passes, has been affected by the tensions, putting Asian countries under immense pressure. The global gold price fell to $1,800 per ounce, down from $1,818.
The government has said that it had delayed two cargo shipments for the year and that liquefied natural gas (LNG) imports from Qatar have been halted since March 2. The Secretary of Petroleum has confirmed that the tensions in the Middle East have affected oil supplies. Chairman of the Cotton Ginners Forum, Ihsanullah Iqbal, has stated that there is an upward trend in the prices of cotton.
Pakistan’s currency markets have seen a significant increase in gold prices for the third consecutive day. The Director-General of the Islamabad Stock Exchange, Raza Baqir, has stated that the Afghan Taliban has been using drones provided by India against Pakistan. Several areas in Israel have been targeted by intense missile attacks from Iran.
