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Gulf Today Report
Pakistan's stocks, sovereign bonds and currency were lifted on Friday by growing hopes that the country can unlock funding from the International Monetary Fund after the government's overnight decision to end a months-old freeze on fuel prices.
Pakistani stocks jumped more than 2% and the country's sovereign dollar bonds jumped more than 3 cents.
According to a report in the local media, gold prices in Pakistan increased by Rs100 per tola (12.5 grams) as the rupee hit a historic low of 202.01 against the US dollar on Thursday.
IMF funding hopes lift Pakistan stocks, bonds
IMF to release $900m when Pak removes fuel price caps
According to a jewellers body, the price of gold rose to Rs143,300 per tola. Meanwhile, the price of 10 grammes of gold increased by Rs85 to settle at Rs122,856.
Late on Thursday the government announced it would hike fuel prices after an agreement with the IMF that included an end to fuel subsidies, allowing the resumption of aid from a $6 billion package signed with the IMF in 2019.
"The market is reacting to the government's move to withdraw fuel subsidies," Saad Hashemy, executive director at BMA Capital Management, told Reuters. "It shows the government's resolve to address teething issues in the economy and will pave the way for the IMF programme and other funding sources."
The benchmark stock index was 2.26% higher at 0544 GMT, according to exchange data.
The government has stated that its reform agenda signed with International Monetary Fund (IMF) is on track and the progress so far on nearly all the performance and structural benchmarks for first quarter of the current fiscal year
Khan’s Pakistan Tehreek-e-Insaaf (PTI), which translates into Pakistan Movement for Justice, has 12 seats in the Senate, and the two main opposition parties Pakistan Peoples Party (PPP) and Pakistan Muslim League - Nawaz (PML-N) have 12 and 25 seats each.
Spot gold was up 0.1% at $1,873.36 per ounce while US gold futures gained 0.3% to $1,871.70. Bullion had gained 1.7% on Wednesday.
Since the delivery of the first installation-free Wisewell Model 1 in September 2022, users have now consumed a staggering 500,000 liters of water, effectively preventing one million 500ml single-use plastic bottles from landfills.
When completed, the wind power plant will produce 47,790 gigawatt-hours of clean energy annually, and will contribute to avoiding the emission of 23.8 million tonnes of carbon dioxide, equivalent to approximately 9% of Egypt's current carbon dioxide emissions.
The Ministry of Industry and Advanced Technology (MoIAT) and EDGE Group have jointly launched Talk 4.0, a new knowledge-exchange initiative to empower industrial leaders