Pakistan Stock Exchange (PSX) witnessed a positive trend on its third day of the business week, with the benchmark 100 Index closing at 1,54,292 points, a gain of 4276 points from the previous day’s close. The market capitalization increased to Rs. 17,254 billion, with Rs. 39 trillion worth of shares traded at Rs. 22 trillion. On the other hand, the interbank market saw the US dollar’s value decrease by Re. 1, reaching Rs. 279.26.
The government announced a new strategy with a focus on three key sectors: energy, agriculture, and industry. The plan aims to mitigate the effects of the ongoing war in the Middle East on Pakistan’s economy, particularly the rising prices of cotton. Despite the global market’s uncertainty, the price of gold remained stable, with the international market’s gold rate decreasing by $18 to $5,000 per ounce. The government has postponed two cargo shipments for the month, with LNG supply from Qatar expected to be completely halted from March 2.
The Secretary of Petroleum stated that the ongoing tensions in the Middle East have affected the supply of petroleum. Meanwhile, the Chairman of the Cotton Ginners Forum, Ihsan ul Haq, noted that the trend of rising cotton prices is accelerating. The previous week’s closing of the 100 Index was at 1,53,866 points. In contrast, the Indian market’s Sensex showed a slight improvement, while the Pakistani currency market saw a significant decline in gold prices for the third consecutive day.
The DG ISPR stated that the Afghan Taliban’s use of drones against Pakistan is believed to be supplied by India. Iranian missiles have caused significant damage to several areas in Israel. A message on Instagram by Usman Khawaja announced the birth of his third daughter, Amira, on March 13. The Israeli President described the new Iranian ballistic missile as a significant challenge. Russia has expressed condolences to the Chief of the Iranian National Security Council, Ali Larijani, following his death.
