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Gold price gains Rs150, traded at Rs 87,250 per...

September 19, 2019: The price of 24 karat gold gained Rs150 and was traded at Rs87,250 per tola as compared to the last closing at Rs87,100, Karachi Sarafa Association reported on Thursday.

The price of 10 gram gold also witnessed increase of Rs129 and was traded at Rs 74,803 against Rs 74,674 of last day.

The price of silver remains stable and was traded at Rs1110 per tola and that of 10 gram silver was traded at Rs943 of last day.

In international market the price of per ounce gold jumped by $1 and was traded at $ 1503 as compared with the last closing at $1502.


Closing Bell: Stocks jump owing to drop in PIB...

Sep 19, 2019 (MNL): The Pakistan Stock Exchange witnessed bullish trend today as the decline in yield in yesterday’s PIB auction generated positive sentiments among investors.

The cut-off yields in all tenors declined drastically by approximately 100bps on average, taking yields for PIBs below the current policy rate. Moreover, expectations regarding further PIB rate cut also boosted stock prices.

The Benchmark KSE-100 index ended the trading session with a gain of 628 point or 1.99 percent and closed at 32,184 level.

The Index traded in a range of 760.29 points or 2.41 percent of previous close, showing an intraday high of 32,235.29 and a low of 31,475.00.

Of the 92 traded companies in the KSE100 Index 79 closed up 6 closed down, while 7 remained unchanged. Total volume traded for the index was 110.10 million shares.

Sectors propping up the index were Fertilizer with 129 points, Commercial Banks with 86 points, Power Generation & Distribution with 82 points, Oil & Gas Exploration Companies with 74 points and Cement with 53 points.

The most points added to the index was by ENGRO which contributed 81 points followed by HUBC with 70 points, LUCK with 36 points, PPL with 35 points and HBL with 32 points.

Sector wise, the index was let down by

The most points taken off the index was by FABL which stripped the index of 3 points followed by AKBL with 1 point, ICI with 1 point, LOTCHEM with 1 point and BWCL with 1 point.

All Share Volume increased by 37.20 Million to 136.57 Million Shares. Market Cap increased by Rs.81.59 Billion.

Total companies traded were 357 compared to 356 from the previous session. Of the scrips traded 263 closed up, 72 closed down while 22 remained unchanged.

Total trades increased by 9,901 to 57,017.

Value Traded increased by 1.92 Billion to Rs.5.89 Billion


Top Ten by Volume

Lotte Chemical Pakistan15,508,500
Pakistan International Bulk Terminal7,995,000
TRG Pakistan7,783,500
Maple Leaf Cement Factory7,385,500
Worldcall Telecom6,661,500
Pak Elektron6,420,000
International Steels4,775,500
Oil & Gas Development Company3,853,000
Pakistan State Oil Company3,095,400



Top Sector by Volume

Technology & Communication16,159,500
Power Generation & Distribution10,772,500
Oil & Gas Marketing Companies8,556,000
Commercial Banks8,227,100
Oil & Gas Exploration Companies6,727,020
Cable & Electrical Goods6,502,450



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Japan’s central bank keeps monetary policy unchanged

September 19, 2019: The Bank of Japan (BOJ) on Thursday voted to leave its ultra-easy monetary policy unchanged, despite a number of other global central banks cutting rates to underpin their economies amid uncertainties about global stability and growth.

At the conclusion of the central bank's two-day policy-setting meeting, the BOJ Policy Board opted to keep unchanged the short-term interest rate at minus 0.1 percent and keep its long-term interest rates at close to zero.

The central bank's board at the conclusion of the meeting also voted to leave unchanged its massive asset purchasing program.

"It is necessary to pay closer attention to the possibility that the momentum toward achieving the price stability target will be lost, as slowdowns in overseas economies have continued to be observed, and their downside risks seem to be increasing," the BOJ Board said in a statement issued Thursday.

The BOJ's decision to maintain its easing policy came on the heels of the U.S. Federal Reserve cutting its interest rates for a second time this year overnight, with economists hedging a third cut could be possible by the end of the year, to support the world's largest economy.

The European Central Bank (ECB), meanwhile, also lowered its rates for the first time in more than three years last week to help bolster the euro zone economy, with the ECB also saying its purchasing of government bonds would be re-implemented.


Bank of England keeps interest rate at 0.75%

September 19, 2019: The Bank of England on Thursday said it had voted to keep its main interest rate at 0.75 percent as it balances Brexit uncertainty and weak global growth.

The Monetary Policy Committee decided unanimously to hold borrowing costs at a regular meeting held Wednesday, the BoE said in published minutes.

"Since the MPC's previous meeting, the trade war between the United States and China has intensified, and the outlook for global growth has weakened," the Bank of England said.

It noted also that "shifting expectations about the potential timing and nature of Brexit have continued to generate heightened volatility in UK asset prices, in particular the sterling exchange rate".

Unlike the European Central Bank and US Federal Reserve which are both cutting rates, the BoE is sitting tight, also as inflation weakens in Britain.

"In the event of a no-deal Brexit, the exchange rate would probably fall, CPI inflation rise and GDP growth slow," the BoE said Thursday.


PKR stands firm against dollar

September 19, 2019 (MLN): Pakistani rupee (PKR) closed today's trading session relatively unchanged against the USD with the rate remaing stable at PKR 156.24

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 16 paisa per USD showing an intraday high bid of 156.35 and an intraday Low offer of 156.23.

Within the Open Market, PKR was traded at 155.30/156.80 per USD.

Alternatively, the currency lost 55 paisa to the Pound Sterling as the day's closing quote stood at PKR 195.16 per GBP, while the previous session closed at PKR 194.61 per GBP.

Similarly, PKR's value weakened by 35 paisa against EUR which closed at PKR 172.84 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.337.2 billion for 1 day at 13.36 percent.

The overnight repo rate towards close of the session was 13.60/13.75 percent, whereas the 1 week rate was 13.30/13.40 percent.

Copyright Mettis Link News

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