RT Securities

Daily Report: 01 July 2022

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Pakistan Stock Exchange on the last trading day of this week depicted bullish momentum and surged +89.52 points to close the KSE 100 Index at 41,630.35 levels.

On the economic front, CPI for the month of June,22 clocked in at 21.3%, taking it to 13-year highest level due to rapid increase in POL product prices (~Rs.100/liter) and higher food and transport inflation. Moreover, SPI for the month has also increased by 32% on YoY basis , while WPI surged by 38.9%. The pass-on effect of fuel prices depicted in all inflationary indicators despite softness in the secondary market yield curve (-50 to -70bps reductions). Likewise, the country’s total liquid foreign exchange reserves grew by $1.98 billion or 13.97 percent WoW to stand at $16.2 billion during the week of June 24, 2022, up from $14.2 billion the previous week, breaking a long losing run. On the otherhand, according to the International Monetary Fund, the US dollar made up 58.8% of all currency reserves in the first quarter of 2022, which was the same as the final three months of 2021. Global central banks continue to hold the most dollars as reserves. From 20.6 percent in the previous three months, the euro’s share decreased to 20 percent in the first quarter. With a share of 28 percent, the euro reached its peak in 2009. Moreover, the federal government agreed to impose a Petroleum Levy (PL) of Rs10 per litre in addition to an increase in gasoline prices of Rs14.85 to Rs248.74 per litre. Since May 26, there has been a four-time increase in fuel prices.
Lastly,  Cement sector picked up some momentum in the last few minutes of the second session due to an increase in per bag price to Rs.50-70 in the northern region, while south prices are also expected to increase on coming Monday. Overall 154 million shares traded in KSE All Share Index today, where AGL,ANL,GTECH and TPLP remained among the top Volume leaders

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