The Pakistani stock market witnessed a negative trend on the first day of the trading week. The KSE-100 index recorded a decline of 5,183 points, reaching 116,070 points. The previous day’s closing was at 116,5517 points. The index touched its lowest level of 116,638 points and highest level of 116,660 points during the day’s trading. The global rating agency attributed the stable rating of the IMF program to the country’s financial stability and macroeconomic measures.
In the wake of the Middle East conflict, the Pakistani rupee against the US dollar witnessed a significant increase. The exchange rate of gold in the country’s bazaars also saw a surge. The global rating agency attributed the stable rating of the IMF program to the country’s financial stability and macroeconomic measures.
Pakistan Stock Exchange’s weekly update showed that the Iranian-US ceasefire had caused an 11% rise in the KSE-100 index over the week. The price of gold in the country’s bazaars also increased on Friday, after a decline the previous day. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold increased by Rs. 15,700 and reached Rs. 504,162 per tola.
The State Bank of Pakistan announced a decline in remittances, with a monthly decrease of 16.5% and a yearly decrease of 5.5%. Industry sources reported a 15% decline in crude oil prices. The All Pakistan Sarafa Gems and Jewellers Association reported that the price of gold increased by Rs. 15,700 and reached Rs. 504,162 per tola.
In a statement, US President Donald Trump claimed that Iran’s navy has been completely destroyed, with 158 warships sunk in the ocean. The International Federation of Air Traffic Controllers praised the Pakistani air traffic controllers for their excellent handling of the Middle East conflict.
