Business
Early gains evaporate as PSX succumbs to late selling | The Express Tribune
Trading at the Pakistan Stock Exchange (PSX) remained range-bound as cautious investor behaviour kept volatility elevated throughout the session. The benchmark KSE-100 index closed at 170,830.22, registering a decline of 243.51 points, or 0.14%.
Despite the subdued close, the index oscillated within a broad range, touching an intraday high of 171,587.32 and a low of 170,641.13, reflecting uncertainty over near-term direction.
Earlier in the day, sentiment appeared constructive, with the market gaining more than 300 points during the opening hours on the back of selective buying. Investors showed interest in heavyweight sectors, particularly commercial banks, fertiliser, oil and gas exploration companies, oil marketing companies, and refineries, which helped drive the early upside. However, profit-taking at higher levels erased most of these gains as the session progressed.
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•KSE-100: Pullers & Draggers
•KMI-30: Pullers & Draggers pic.twitter.com/LwjJDRatIF— PSX (@pakstockexgltd) December 24, 2025
Overall market mood stayed guarded, with participants preferring a wait-and-see approach amid ongoing volatility. On the corporate front, attention remained on developments following the completion of the PIA bidding process yesterday, which added to event-driven interest but failed to provide sustained momentum to the broader market.
KTrade Securities observed that PSX witnessed another range-bound session amid relatively low volumes in the regular market. The KSE-100 index declined by 243 points (-0.14%) day-on-day to close at 170,830 points.
Sector-wise, cement stocks remained under pressure, while fertiliser and oil & gas sectors provided a positive contribution to the index. Among major names, selling pressure was observed in Lucky Cement, Engro Holdings, Kohat Cement and Systems Limited, whereas selective buying interest emerged in Pakistan Telecommunication, Fauji Fertiliser, Oil & Gas Development Company, Pakistan Petroleum, and Bank of Punjab.
Read: Pakistan shifts from stabilisation to export-led growth, says finance minister
Despite the marginal decline, overall market participation stayed healthy. Looking ahead, KTrade believes the broader market outlook will remain constructive, supported by improving macroeconomic conditions following the SBP’s policy rate cut.
Overall trading volume increased to 811.5 million against Tuesday’s tally of 650.1 million. Value of traded shares stood at Rs 29.7 billion. Shares of 481 companies were traded. Of these, 171 closed higher, 264 declined and 46 remained unchanged. Pakistan International Bulk Terminal was the volume leader with trading in 62.2 million shares, rising Rs 0.61 to close at 18.25.
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Gold is sold at a discount in Dubai due to Middle East conflict disrupting flights. Traders offer up to $30 per ounce less than London prices.
Dubai Gold Selling Cheaper As Iran War Grounds Flights
Gold is being sold at a discount in Dubai as the widening conflict in the Middle East disrupts flights and hampers the movement of bullion from one of the world’s key trading hubs.
According to a Bloomberg report, traders in Dubai are offering discounts of up to $30 per ounce compared to the global benchmark price in London. The unusual price cut comes as shipments remain stranded due to flight disruptions triggered by the escalating conflict involving Iran and Israel.
Dubai is a key global centre for refining and exporting gold to markets across Asia, including India. However, partial airspace restrictions and heightened security risks have slowed the movement of bullion out of the region.
Why Gold Is Being Sold Cheaper
Gold is typically transported in the cargo holds of passenger aircraft. With several flights from the UAE restricted amid regional tensions, traders are struggling to move bullion to international markets.
At the same time, insurance and freight costs have surged, making shipments more expensive and uncertain. Many buyers have therefore stepped back from placing new orders, unwilling to bear high logistics costs without assurance of timely delivery.
To avoid paying prolonged storage and financing costs while shipments remain stuck, some traders are offering gold at discounted prices.
Although transporting bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman is theoretically possible, logistics firms are reluctant due to the risks and complications of moving high-value cargo across land borders during a conflict.
What It Means For India
India, one of the largest buyers of gold shipped from Dubai, could face short-term supply disruptions if the situation continues.
Renisha Chainani, head of research at Augmont Enterprises Ltd., said several cargo shipments have already been delayed, creating temporary tightness in the availability of physical bullion in India.
However, industry experts as reported by Bloomberg say the immediate impact may remain limited as domestic inventories are currently comfortable after heavy imports earlier this year.
Chirag Sheth, principal consultant for South Asia at Metals Focus, said Bloomberg that India has ample stocks for now, but warned that prolonged disruptions could eventually affect supply if the conflict continues for several months.
Meanwhile, global gold prices have surged this year amid geopolitical uncertainty, with spot gold recently trading above $5,000 per ounce.
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March 08, 2026, 10:03 IST
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Some seven in 10 British adults without a full driving licence say learning to drive is currently unaffordable, according to a survey.
The figure is even higher among younger people, with 76% of 18 to 29-year-olds without a licence saying driving lessons are financially out of reach, the poll for car insurer Prima found.
Overall, 38% said the cost of driving lessons was the biggest deterrent to learning to drive.
Some 32% were put off by the price of buying a car and 15% said the cost of car insurance was the main barrier to learning to drive.
Almost half (45%) said they would consider learning to drive if it became significantly cheaper.
Nick Ielpo, UK country manager at Prima, said: “For a growing number of people, driving is no longer a symbol of freedom – it’s a financial stretch too far.
“Between lessons, buying a car and insuring it, the upfront and ongoing costs are pricing many people out before they even start.”
Find Out Now surveyed 1,134 adults who do not hold a full driving licence between January 21 and 23.
Go Digit General Insurance on Saturday said it has received a demand notice of about Rs 170 crore for short payment of goods and services tax (GST) for nearly five years. The company has received an order copy from the Office of the Commissioner of GST & Central Excise, Chennai South Commissionerate on March 6, confirming GST demand of Rs 154.80 crore levying penalty of Rs 15.48 crore and Interest u/s 50 of CGST Act, 2017 for the period July 2017 to March 2022, the insurer said in a regulatory filing. The company is in the process of evaluating the legal advice on the implications and would file an appeal, it said.
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