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Daily Report: 03 August 2022

Daily Report: 03 August 2022

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Pakistan Stock Exchange on the third trading day of this week depicted bullish momentum on the back of meeting IMF’s final pre-requisite and surged +877.26 points to close the index level at 41,068.87 .

On the economic front, the International Monetary Fund (IMF) Executive Board meeting is likely scheduled for late August. Importantly, Pakistan has satisfied all prerequisites for the combined 7th and 8th review under the Extended Fund Facility (EFF) program, subject to the provision of a Letter of Intent (LOI) for USD 4 billion by the friendly countries. The stock market rejoiced at the recent positive developments on both the political and economic front, rallied more than 1000 points in intraday trade and the local currency also appreciated against the US dollar, gained 1.38 to trade at 237 per USD. Moreover on the CAD front, Pakistan’s merchandise trade deficit for the month of July 2022 was $2.64 billion, down from $4.96 billion the month before, a decrease of 46.77 percent MoM. As imports fell by 12 percent YoY to $4.86 billion, the trade deficit declined by 18.4% from $3.23 billion in comparison to the same month last year. On the other hand, Cement dispatches remained dismal in the first month of fiscal 2022–23 due to political instability and weak demand from the building sector as a result of prolonged rainy weather. The All Pakistan Cement Manufacturers Association reports that from 3.899 million tons in the same month of the previous fiscal year to 2.039 million tons in July 2022, cement dispatches decreased by 47.7%.

Across the board healthy participations witnessed and overall 332 million shares traded in KSE All Share Index today, where WTL,TPLP,UNITY and PRL remained among the top volume leaders.


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