The KSE-100 closed Friday at 170,884.59, up 1,841.39 points or 1.09 percent (PSX; Express Tribune).
Friday’s session
| | | |—|—| | Previous close | 169,043.19 | | Day’s high | 171,036.72 | | Day’s low | 169,399.99 | | Close | 170,884.59 (+1,841.39, +1.09pc) |
The index never traded below the previous close. The stated reason was continued weakness in crude prices as supply concerns eased.
The week
| Session | Close | Change | |—|—|—| | Monday 14 Sept | 167,970.66 | -2,541.20 | | Tuesday 15 Sept | 169,392.32 | +1,421.66 | | Wednesday 16 Sept | 168,021.80 | -1,370.52 | | Thursday 17 Sept | 169,043.19 | +1,021.39 | | Friday 18 Sept | 170,884.59 | +1,841.39 |
Net for the week: +372.73 points, after five sessions that moved a combined 8,196 points to get there.
Gold
Gold now stands at Rs460,336 a tola, with the international price up $69 to $4,378 an ounce and silver at Rs7,169.
Two cautions on this figure
Outlets are reporting the rise as Rs6,900. Measured against the Rs453,336 this newspaper published yesterday — which reconciled exactly against its own ten-gram price — the increase is Rs7,000. The Rs6,900 implies a previous close of Rs453,436, which does not.
Separately, Pakistan Observer’s ten-gram figure this morning is Rs388,749 — identical to yesterday’s, and inconsistent with a tola of Rs460,336, which implies about Rs394,663. Daily Pakistan gives that second figure.
We have used Rs460,336, which two outlets carry and which is internally consistent with the ten-gram rate Daily Pakistan publishes.
Gold up, oil down, equities up
An unusual combination. Equities rallied on cheaper crude while gold rose $69 — a haven bid and a risk rally on the same day.
The most likely reading is that the two are responding to different things: the oil price to Saudi Arabia restoring pipeline capacity, and gold to something else. We are not able to say what, and no analyst quoted in the reporting offered a reason.
What is not established
Markets are closed until Monday, so Friday’s figures stand. No turnover data was reported, and no explanation for the gold move has been published.
[Image: The Express Tribune]
