The Pakistan Stock Exchange (PSX) witnessed a positive trend in the second day of the business week, with the benchmark 100-index closing at 1,50,016 points, marking a gain of 837 points. This is a significant improvement from the previous week’s closing of 1,53,866 points. During the business day, the 100-index remained within the 2,994-point band.
Market capitalization declined to Rs 16,793 billion, down from Rs 32,000 billion, following 26 billion shares worth Rs 17 trillion traded on the market. The 100-index touched its lowest point of 1,48,509 points during the trading session and reached a high of 1,51,503 points.
According to officials, the government has deferred 2 cargo shipments per month, and Qatar has halted Liquefied Natural Gas (LNG) supplies since March 2. The Secretary of Petroleum stated that the ongoing tensions in the Middle East have affected petroleum supplies.
Chairman Cotton Ginner’s Forum, Ihsan ul Haq, observed a rapid growth trend in cotton prices. In a separate development, the Indian market saw a slight improvement, while Pakistan’s currency market saw a significant decline in gold prices for the third consecutive day.
In a related development, the Afghan Taliban has claimed that the drones used against Pakistan were provided by India. Meanwhile, Iranian missiles have targeted several areas in Israel, and the Israeli President has described the new Iranian ballistic missile as a significant challenge.
In a separate news, Russian President Vladimir Putin has condoled the death of Ali Larijani, the chief of Iran’s National Security Council. The funeral procession, attended by government officials, military leaders, and representatives from various social classes, was a testament to the widespread grief.
