The Pakistan Stock Exchange (PSX) witnessed a surge in trading today, with the benchmark 100-index rising by nearly 3% to 1.55 million 137 points. This increase comes on the back of a 2,297-point jump during trading hours, following a closing value of 1.54 million 292 points yesterday.
The market saw fluctuations throughout the day, dipping to 1.54 million 969 points at its lowest and rising to 1.57 million 442 points at its highest. This trend is attributed to the delayed US attack on Iran’s energy facilities, which has led to a positive trend in markets across Europe, America, and Asia.
The Nikkei index in Japan rose by 0.75%, while the Kospi index in South Korea gained 2.5%. The Shanghai Stock Exchange and the BSE Nifty 50 in India also rose by 1% and 0.5%, respectively.
In response to the recent increase in petroleum product prices, the Ministry of Finance has taken significant steps to protect the public. Chinese shipping giant Cosco has resumed bookings for ships from some Gulf countries after a three-week hiatus.
The global gold market saw a 152-dollar increase, pushing the price to 4,565 dollars per ounce. This rise follows a 163-dollar increase the previous day, with the price settling at 4,413 dollars per ounce.
Sources indicate that three ships carrying oil from Kuwait are expected to arrive in Pakistan. The All Pakistan Gold Jewellers Association reported a decrease in gold prices, with the price per tola falling to 4.47 million 762 rupees.
According to All Pakistan Gold Jewellers Association Chairman Atiq Mir, 70% of the gold stockpiled in warehouses for Eid celebrations remains unsold, citing the recent notification of a 10.537 rupees per liter increase in the price of petroleum products.
The global gold market saw a 81-dollar decrease, pushing the price to 4,686 dollars per ounce. The Pakistan Stock Exchange’s weekly update is now available.
In related news, Iranian officials have rejected US proposals, stating that they are unacceptable. Iranian Vice President Mohammad Bagher Qalibaf emphasized that Tehran is closely monitoring US activities in the region, particularly military deployments.
The Iranian Foreign Minister has met with his counterparts from neighboring countries, including Pakistan, to discuss regional security. Chinese shipping giant Cosco has resumed bookings for ships from some Gulf countries after a three-week hiatus.
The Ministry of Finance has taken significant steps to mitigate the effects of the recent increase in petroleum product prices.
