PSX breaches 52000 milestone after 6 years

KARACHI: Pakistan Stock Exchange’s KSE-100 index maintained a bullish trend on Wednesday, increasing by more than 400 points to raise trade volume above 52,000 — the highest in six years.

The index closed at 52,350, from the previous close of 51,930 points, signifying improving sentiments of investors in the market.

The last time, the index traded above the 52,000 mark was in 2017 during PML-N’s tenure.

Gold rates register decline

The gold rates declined in Pakistan as per tola price witnessed a drop of Rs1,200 in the domestic market.

The price of the precious yellow metal of 24 karat dropped by Rs1,200 to settle at Rs211,800 per tola in Pakistan, the association said.

Likewise, the rate of 10 grams of the precious metal also recorded a drop of Rs1,029 to settle at Rs181,584.

Spot gold fell 0.2% to $1,978.14 per ounce, while U.S. gold futures dropped 0.4% to $1,987.10.

Spot gold posted a 7.3% jump in October, with prices hitting an over five-month high of $2,009.29 last week.

Gold may fall into a range of $1,951-$1,964 per ounce, following its repeated failures to break a resistance at $2,010, according to Reuters technical analyst Wang Tao.