Daily Report: 05 July 2022dev.admin
Pakistan Stock Exchange continued its bearish trend on the second day of this week due to heightened inflation concerns and plummeted by -245.62 points, to close the KSE100 Index at 41,102.57 levels.
On the economic front, the Roshan Digital Account (RDA) which was introduced back in September 2020, foreign exchange inflows through it have grown by 32% MOM and reached $4.6 billion by June 2022. The amount of money that Pakistanis living abroad contributed to RDA in June 2022 was $250 million, a 32 percent increase over the $189 million that were reported in May 2022. On the otherhand, the Pakistani Rupee (PKR), which had previously closed at 204.56, has currently depreciated by 1. 69 rupees in intraday trade on Tuesday in an interbank market. While PKR was traded at 204/205.50 per USD on the open market. Moreover, The influx of challenging challenges that will persist throughout fiscal year 2022, continually signaling that the economy’s fundamentals are out of this world, prevents a way to breathe a sigh of relief in FY23. Because it would need to rely on IMF assistance and inflows from other countries to operate its everyday operations, including making debt payments and paying import bills, Pakistan’s economic troubles have exacerbated its vulnerability.
Moreover, crude oil prices are expected to fall to $65 per barrel by the end of this year and to $45 by the end of 2023. The outlook is predicated on the lack of any action by OPEC+ producers and the fall in oil investment. Overall 76 million shares traded in KSE All Share Index today, where MLCF,WTL,FCCL and PRL remained among the top Volume leaders.