Daily Report: 04 July 2022RT Securities
Pakistan Stock Exchange on the first trading day of this week, depicted bearish momentum and plummeted by -282.16 points to close the KSE100 Index at 41,348.19 levels.
On the economic front, Pakistan’s merchandise trade deficit increased by 57 percent year over year to $48.67 billion in FY22 from $30.9 billion in FY21. The increase in the deficit was caused by greater imports, which totaled $56 billion and increased by 43% YoY, while exports grew by 27% to reach $25.16 billion in FY22. On the otherhand, the Pakistani Rupee (PKR), which was given the IMF’s Memorandum of Economic and Financial Policies (MEFP) for the combined seventh and eighth reviews, kept strengthening against the US Dollar (USD) in the interbank market. The native currency has currently increased by 85 paisa in intraday trade today. Compared to the prior closure of 204.85 per USD, the rupee was quoted as 204.04/204.54. Moreover, The sales of Pakistan’s oil marketing companies (OMCs) were 22.6 million tonnes (MTs) in the just ended FY22, an increase of 16 percent year over year (YoY), which was significantly better than the growth rate of the previous ten years.
Market stayed lacklustre and a dismal participation witnessed across the board. Overall 86 million shares traded in KSE All Share Index today, where SNGP,AGL,PRL and MLCF remained among the top Volume leaders.