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Daily Report: 01 August 2022

Daily Report: 01 August 2022

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Pakistan Stock Exchange on the fourth trading day of this week depicted bullish momentum and surged +304.00 points, to close the index levels at 40,276.64.

On the economic front, the country’s current account deficit (CAD) recorded above $17 billion in FY22, up by a staggering 6.2x YoY from a deficit of $2.8 billion in FY21. This increase was mostly due to rising import costs and sluggish growth in worker remittances. SBP reported that despite stronger exports and remittances, the current account deficit increased in June due to a historic high jump in oil imports in anticipation of the surge in domestic oil prices.  On the other hand, the local currency (PKR) continued the battering against the USD, reaching the mark of 240 per US dollar in the intraday trade and losing more than four rupees just in a single day, due to the poor macros, melting foreign exchange reserves, and chaos among importers. On the fixed income front, the central bank exceeded its aim of raising Rs650 billion by raising Rs1 trillion during the auction of three, six, and twelve-month T-bills, however, the cut-off yields remained unchanged at 15.75%,15.80%, and 15.94% respectively.

Market participation remained healthy relatively where the cement sector stayed in the limelight despite the dispatches numbers decreasing to 1.79 million tonnes in July 2022, a 54% decrease YoY and 66% decrease MoM due to delayed PSDP payment, severe PKR depreciation, and rising prices for coal, power, and petroleum products.Overall 251 million shares traded in KSE All Share Index today, where WTL,TPLP,LOTCHEM and TRG remained among the top Volume leaders.


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