Pakistan stocks surge as benchmark index gains over 3,200 points

KARACHI: Pakistan stocks rallied sharply on Wednesday, with the benchmark KSE-100 index surging by 3,224 points during intraday trading.

The benchmark index was seen trading at 183,525 points, reflecting strong investor confidence and buying momentum across key sectors in the domestic equity market.

On the other hand, gold prices in Pakistan fell sharply on Wednesday, plunging by Rs4,100 per tola to extend losses from the previous session, as the local bullion market tracked a steep international downturn driven by a robust US dollar and surging Treasury yields.

The price of 24-karat gold in the domestic market settled at Rs424,836 ($1,525.43) per tola, according to the All Pakistan Gems and Jewelers’ Association (APGJA).

The price for 10 grams of the precious metal decreased by Rs3,515 to trade at Rs364,228.

Defying the downward trend in the gold market, silver posted modest gains.

In the local market, the price of silver rose by Rs25 to reach Rs6,349 per tola, while the price for 10 grams of silver increased by Rs22 to hit Rs5,443.

This mirrored an uptick in the international market, where spot silver edged up by 25 cents to trade at $58.70 per ounce.

Local dealers noted that the back-to-back contractions in gold prices were a direct response to a bearish international trend.

On Tuesday, the price of 24-karat gold in the domestic market plunged by Rs4,100 per tola to settle at Rs424,836 ($1,525.43).

On Monday, local tola prices had already shed Rs2,300 after international spot gold dipped to $4,065 per ounce.