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Category: Business

  • Gold prices rebound, increase by Rs3,100 per tola

    Gold prices rebound, increase by Rs3,100 per tola

    On Saturday, gold prices in Pakistan saw a significant rise, mirroring the upward trend in the international market.

    According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola reached Rs248,100, marking a single-day increase of Rs3,100.

    Similarly, the price of 10-gramme gold surged to Rs212,706, reflecting a gain of Rs2,658.

    This spike in local gold prices is in line with the international gold rate, which rose to $2,414 per ounce, inclusive of a $20 premium, after a $30 increase during the day.

    Silver prices also experienced an uptick, with rates reaching Rs2,850 per tola, an increase of Rs120.

    It is noteworthy that last month, gold prices in the local market hit a record high of Rs252,200 per tola. Despite this recent surge, gold prices showed a decline of Rs600 per tola on Friday.

    These fluctuations highlight the volatile nature of the precious metals market, influenced heavily by global economic trends and investor sentiment.

  • Weekly inflation eases as tomato and onion prices drop

    Weekly inflation eases as tomato and onion prices drop

    According to data released by the Pakistan Bureau of Statistics (PBS), the SPI for the week ending on May 16, 2024, showed a decline of -1.06 per cent compared to the previous week. However, in a year-on-year comparison, the SPI surged by 21.22 per cent compared to the same period last year.

    The Combined Index, a key metric monitored by economists and consumers alike, stood at 309.25, indicating a decrease from 312.56 recorded a week earlier. This contrasts with the index of 255.12 registered during the corresponding period last year.

    Among the 51 items tracked, prices exhibited mixed trends, with 39.22 per cent of items experiencing an increase, 31.37 per cent witnessing a decrease, and 29.41 per cent remaining stable.

    Notable decreases were observed in the prices of tomatoes (31.18 per cent), onions (21.84 per cent), garlic (7.76 per cent), wheat (5.48 per cent), and petrol (5.32 per cent). Conversely, significant increases were noted in the prices of cooked daal (1.96 per cent), shirting (1.74 per cent), potatoes (1.46 per cent), beef (1.11 per cent), and mutton (1.04 per cent).

    Analysis of the weekly SPI percentage change across income groups revealed a uniform decrease, ranging between -1.02 per cent and -1.17 per cent. The lowest income group experienced the most significant weekly fall at 1.17 per cent, while the highest income group recorded a decline of 1.06 per cent.

    On an annual basis, SPI trends across income segments indicated increases ranging between 14.54 per cent and 24.58 per cent. The lowest income group saw a 14.54 per cent increase in the yearly SPI, while the highest income group experienced a 19.07 per cent rise.

  • Pakistan’s stock market closes above 75,000 mark for the first time

    Pakistan’s stock market closes above 75,000 mark for the first time

    The Pakistan Stock Exchange’s (PSX) KSE-100 index achieved a historic milestone on Friday, closing above 75,000 points for the first time ever. This marked the seventh consecutive session of gains, reflecting a strong buying momentum in the market.

    The trading session opened on a positive note, with bullish investors driving the market upward throughout the day. The KSE-100 Index ultimately settled at 75,342.35 points, an increase of 411.65 points or 0.55 per cent from the previous close.

    Significant buying activity was observed across various sectors, including oil and gas exploration, fertilisers, refineries, pharmaceuticals, cement, and chemicals, contributing to the robust market performance.

    The surge follows Thursday’s session, where the index gained 267 points to close just shy of the 75,000 mark, fueled by positive market sentiments.

    Market experts attribute this unprecedented rise to several favorable factors. These include the commencement of discussions with the International Monetary Fund (IMF) for a new loan programme and anticipations of a potential interest rate cut in the upcoming monetary policy meeting.

    Such developments have bolstered investor confidence, leading to increased market activity and record-high levels at the PSX.

  • 24-karat gold price declines to Rs245,000 per tola

    24-karat gold price declines to Rs245,000 per tola

    Gold prices in Pakistan saw a downturn on Friday, marking a loss of Rs600 for 24-karat gold, now priced at Rs245,000 per tola. Notably, this adjustment places the current price at a significant Rs4,000 below its actual value.

    The Karachi Sarafa Association highlighted the rationale behind this pricing strategy, citing a noteworthy decline in purchasing power. Accordingly, the decision was made to reduce the price by Rs4,000 to better align with market dynamics.

    Last week, 24-karat gold experienced an upward trend, witnessing an increase of Rs5,500 per tola. However, the latest figures indicate a reversal in this trajectory, with the price now standing at Rs210,048 per 10-gramme, down Rs514. Similarly, the price of 22-karat gold was marked lower at Rs192,544 per 10-gramme.

    Meanwhile, silver prices remained stable in the domestic market, with 24-karat silver holding steady at Rs2,730 per tola and Rs2,340.53 per 10-gramme.

    Internationally, the spot gold market witnessed a modest increase, hovering around $2,388.8 an ounce, marking a 0.5 per cent rise for the day. This upward movement contributes to a weekly gain of 1.2 per cent for the yellow metal.

  • SBP-held foreign exchange reserves rise to $9.14 billion

    SBP-held foreign exchange reserves rise to $9.14 billion

    During the week ending May 10, 2024, the State Bank of Pakistan (SBP) reported a notable uptick in its foreign exchange reserves, marking an increase of $15.2 million or 0.17 per cent week-on-week (WoW), bringing the total to $9.14 billion.

    This data, released by the central bank on Thursday, underscores a positive trend in the country’s monetary reserves.

    Notably, the SBP did not provide specific insights into the driving factors behind this increase.

    According to a statement issued by the SBP, “During the week ending May 10, 2024, SBP reserves experienced a $15 million increment, reaching $9.14 billion.”

    Simultaneously, Pakistan’s overall reserves recorded a significant rise, climbing by $167.5 million or 1.16 per cent WoW to $14.63 billion.

    This increase encompasses reserves held by commercial banks as well, which surged by $152.3 million or 2.85 per cent WoW to reach $5.49 billion.

    Examining the broader fiscal landscape, the current fiscal year has witnessed a substantial uptick in total liquid foreign reserves, surging by $5.47 billion or 59.68 per cent. Moreover, the ongoing calendar year has seen a notable increase of $1.95 billion or 15.41 per cent.

    This surge in reserves reflects positively on Pakistan’s economic stability and its ability to manage external financial obligations, contributing to investor confidence and fostering a favorable environment for economic growth.

  • Gold price increases by Rs1,600 to Rs245,600 per tola

    Gold price increases by Rs1,600 to Rs245,600 per tola

    Gold prices in Pakistan continued their upward trend on Thursday, mirroring the surge in the global market rates.

    According to the latest data from the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola reached Rs245,600, marking a notable increase of Rs1,600 within a single day.

    Similarly, the 10-gramme gold rate climbed to Rs210,562, reflecting a rise of Rs1,371.

    The international gold rate also experienced an upswing on Thursday, as reported by APGJSA. It reached $2,390 per ounce, with an additional premium of $20, following a $25 increment throughout the day.

    In parallel, silver prices witnessed a hike, settling at Rs2,730 per tola after an uptick of Rs80.

    This surge in gold and silver prices comes after a recent record high last month, where gold soared to Rs252,200 per tola in the domestic market. Notably, just the previous day, gold prices in Pakistan had risen by Rs2,900 per tola.

    The continuous rise in precious metal prices both domestically and internationally underscores the ongoing volatility in the global economic landscape, influencing investment patterns and consumer sentiments in Pakistan’s bullion market.

  • Gold prices rebound, increasing by Rs2,900 per tola

    Gold prices rebound, increasing by Rs2,900 per tola

    Gold prices in Pakistan experienced a notable turnaround on Wednesday, bouncing back after a downward trend observed over the past three sessions.

    This resurgence coincided with a global uptick in gold rates. In local markets, the price of gold per tola surged to Rs244,000, marking a substantial single-day increase of Rs2,900.

    According to data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10 grammes of gold reached Rs209,191 following a rise of Rs2,487.

    Internationally, the price of gold also witnessed a rise during the day. APGJSA reported an international rate of $2,365 per ounce, with an additional premium of $20, reflecting an increase of $28.

    In contrast, silver prices remained steady at Rs2,650 per tola.

    Notably, the local gold market had reached a record high last month, with prices hitting Rs252,200 per tola.

    This positive turn comes after a decrease of Rs1,200 per tola observed on Tuesday in the gold prices in Pakistan.

  • Return rate adjustments implemented for National Savings Schemes

    Return rate adjustments implemented for National Savings Schemes

    The Central Directorate of National Savings (CDNS) has implemented adjustments in the rates of return across several National Savings Schemes, marking the fifth revision in the past five months.

    According to Topline Securities, notable alterations include a reduction in rates for the Special Savings Certificates (SSC), which now stand at 15.70 per cent, down by 10 basis points (bps) from the previous 15.8 per cent.

    Similarly, the Regular Income Certificates (RIC) will yield a return of 14.64 per cent, reflecting a decrease of 12 bps from the prior 14.76 per cent.

    Conversely, rates for Bahbood Savings Certificates (BSC), Pensioners Benefit Account (PBA), and Shuhada Family Welfare Account (SFWA) have been adjusted to 15.36 per cent, following a decrease of 24 bps.

    Meanwhile, the Defence Savings Certificate saw a minor decrease of 1 bps, now offering a return of 14.39 per cent.

    In contrast, Short Term Savings Certificates (STSC) experienced an increase of 24 bps, with rates elevated to 19.24 per cent.

    Additionally, the Sarwa Islamic Term Account (SITA) will provide a return of 19.1 per cent, marking a significant increase of 56 bps.

    The profit rates for Saving Account and Sarwa Islamic Saving Account (SISA) remain steady at 20.5 per cent each.

    These adjustments, effective from May 14, 2024, indicate a strategic move by CDNS to align returns with prevailing market conditions and investment dynamics.

  • Gold price declines to Rs241,100 per tola in Pakistan

    Gold price declines to Rs241,100 per tola in Pakistan

    Gold prices in Pakistan experienced a decline on Tuesday, with 24-karat gold witnessing a drop of Rs1,200 to reach Rs241,100 per tola.

    Notably, this price is maintained Rs3,000 lower than its actual value today.

    The association overseeing these fluctuations attributed this adjustment to the substantial decrease in purchasing power, opting to keep the price Rs3,000 below its actual cost.

    Contrastingly, in the previous week, 24-karat gold had observed an increase of Rs5,500 per tola.

    According to the Karachi Sarafa Association, the current price of 24-karat gold stands at Rs207,733 per 10 grammes, marking a decrease of Rs943.

    Similarly, the price of 22-karat gold has been quoted at Rs189,479 per 10 grammes, depicting a downward trend.

    Internationally, the spot gold market showed resilience, hovering around $2,338.4 an ounce, following a 1% decline observed yesterday.

    Meanwhile, silver prices remained stable in the domestic market, with 24-karat silver being traded at Rs2,650 per tola and Rs2,271.94 per 10 grammes.

  • Govt may reduce petrol price by over Rs12 per litre this week

    Govt may reduce petrol price by over Rs12 per litre this week

    The government is poised to enact a significant reduction in petrol prices by approximately Rs12.8 per litre for the latter half of May 2024, aligning with the downward trend in international prices.

    According to price estimates until May 13, 2024 (Monday), global petroleum product prices have experienced a notable decline compared to the previous fortnight.

    This reduction will be in addition to the Rs5.45 decrease implemented in the preceding fortnight, when the government adjusted the price to Rs288.49 per litre.

    Furthermore, there is an expectation that the government will also lower the price of high-speed diesel (HSD) by approximately Rs8.3 per litre due to a corresponding decline in its international price.

    In the previous fortnight, the government had reduced the price of High-Speed Diesel (HSD) by Rs8.42 to Rs281.96 per litre.

    Despite fluctuations in global markets, the local currency has maintained relative stability against the USD since the last pricing adjustment, with a weighted average rate hovering around PKR 278.2 per USD.

    It’s noteworthy that three pricing sessions remain before the next update, indicating that the final prices will be contingent on further global market movements and the exchange rate.

    The government is scheduled to unveil the new prices at midnight on May 15, 2024, and these adjustments will remain effective for the second half of May.