Pakistan stocks prices slow on concerns over slide in rupee

Pakistan stocks maintained their upward trajectory from the previous session on Wednesday, as investor sentiment remained buoyant, driven by robust corporate earnings.

However, investors remained concerned over slide in rupee value in the interbank market. An analyst said the currency market took pressure following $420 million current account deficit in January.,

The positive momentum was largely fueled by better-than-expected corporate results, which bolstered investor confidence and spurred fresh buying across multiple sectors.

Despite a pickup in volatility during the latter half of the session, the ongoing earnings season kept investors engaged, actively reshuffling their positions in search of opportunities.

Major contributors to the day’s gains included the fertilizer, technology & communication, and automobile assembler sectors. As corporate earnings continue to roll in, market participants remain on edge, seeking to capitalize on favorable results.

KSE-100 index gained 0.22% or 253.96 points to close at 113,342.43 points.

Indian stock prices didn't change on Wednesday. Some financial companies did well, balancing out losses in pharmaceutical and IT stocks. This happened because there were worries that President Donald Trump might add more taxes on goods coming into the U.S.

On Tuesday, Trump said he plans to add about a 25% tax on cars and similar taxes on semiconductors and pharmaceutical products. As a result, Indian pharmaceutical stocks dropped by 0.7% since about 31% of India's pharmaceutical exports go to the U.S.

BSE-100 index surged 0.18% or 42.73 points to close at 23,888.81 points.

DFM General Index gained 0.26% or 14.14 points to close at 5,388.64 points.

Commodities

Oil prices went up on Wednesday because Russia is cutting back on supply. Traders are also keeping an eye on talks to end the war in Ukraine.

Earlier in the week, news reported that OPEC+ (a group including the Organization of the Petroleum Exporting Countries and its allies) was considering delaying a production increase scheduled for April. However, Russia's deputy prime minister said they were not planning any delay.

Brent crude prices increased by 0.82% to $76.46 per barrel.

Gold prices increased by 0.5%, reaching $2,962, as traders moved their holdings in response to potential US tariffs on precious metals.

This rise occurs alongside predictions that gold may reach $3,000 per troy ounce by the end of 2025, with global central banks expected to continue their gold purchasing momentum.

International gold prices increased by 0.19% reaching $2,935.15 per ounce.

Currency

US dollar steadied against PKR in the inter-bank market. Pakistani currency closed at 279.46. In the open market USD was trading at PKR 281.