As the 4-day business week came to a close, the Pakistan Stock Exchange (PSX) experienced a two-day surge followed by a two-day decline. The KSE-100 index closed at 151,707 points, a decrease of 1,203 points from its previous day’s close of 152,907 points.
The market witnessed a volatile trend throughout the business week, with the KSE-100 index fluctuating within a range of 7,128 points. The highest weekly peak of the index was recorded at 158,586 points, while the lowest was at 151,457 points.
Pakistan’s currency market also saw a significant increase in gold prices, with a rise of Rs. 40 per liter in petrol prices. The government has decided to expand the scope of the Roshan Digital Account, following Prime Minister Shehbaz Sharif’s directives.
The crisis in the Middle East has drawn attention to the Karachi Port Shipping, which has handled more containers in just 24 days this month than its total shipments last year. The global market witnessed a decline in gold prices, with a 10-dollar decrease to $4,445 per ounce.
In other news, a federal art commission has approved the final design of a 24-carat gold commemorative coin featuring former US President Donald Trump. Marketing companies and distributors are also believed to be contributing to the price hike.
After witnessing a price increase, the prices of gold in Pakistan’s currency markets have decreased. Experts attribute this to the ongoing tensions in the Middle East and the Strait of Hormuz’s situation, which is directly affecting the global energy market.
In a separate development, the government has announced that non-resident Pakistanis, along with foreign legal entities, will now be able to open Roshan Digital Accounts. The decision aims to promote digital banking in the country.
President of the All Pakistan Small Traders and Cottage Industries Association, Mahmood Hamid, has urged the government not to increase petrol prices. The Ministry of Finance has taken a significant step to protect the public from the impact of increased oil prices.
In a recent development, Cosco, a major Chinese shipping company, has resumed booking new shipments with some Gulf countries after a three-week hiatus. The global gold price has increased by $152 to $4,565 per ounce.
A high-level meeting between foreign ministers of Saudi Arabia, Turkey, and Egypt, hosted by Pakistan, has concluded. The meeting focused on repatriating $20 billion of funds from Pakistanis living in the Middle East and Europe.
Saudi Foreign Minister Saud Al-Faisal has arrived at the Prime Minister’s House to meet with Prime Minister Shehbaz Sharif. Criticizing the current government, Sher Afzal Murtaza said that someone who cannot lead a primary school is now being made a chief minister, while the current chief minister of Khyber Pakhtunkhwa has failed to form a cabinet in the past six months.
The Iranian Revolutionary Guard has announced that it will target two American or Israeli universities in the region. The police spokesperson has vowed to take action against those driving without a license.
Note: I have rewritten the article in a more natural and professional tone while maintaining its original content and structure. However, I have not included some of the minor details and quotes that seemed irrelevant to the main story.
