Daily Report: 13 July 2022RT Securities
Pakistan Stock Exchange on the first trading day after the Eid holidays depicted dull participation and finally surged on the back of rumors circulating regarding the IMF-Pakistan reached a staff-level agreement. The benchmark Index surged +518.76 points in the last few minutes and KSE100 Index settled at 41,862.77 levels.
On the economic front, premier Shehbaz Sharif hinted to reduce the prices of petroleum products and asked ministries to send a summary, which might bode well for inflationary effects in the upcoming months. Moreover, the IMF’s Monetary Fund again lowered its 2022 U.S. GDP prediction to 2.3 percent from 2.9 percent in late June, saying that avoiding a recession in the country will be “increasingly tough”. The Fund also decreased its projection for real GDP growth in 2023 from 1.7 percent to 1.0 percent when it met with American officials on June 24 for an annual evaluation of American economic policies. On the other hand, the Pakistani rupee (PKR), which previously closed at 207.91 per USD, has lost almost 80 paise in intraday activity on the interbank market against the US dollar. The rupee was priced at 208.65/208.95 and 208.70 per USD. Moreover, Brent slumps to below $100/barrel due to a stronger dollar, demand-sapping Covid-19 curbs in top crude importer China and fears of a global economic slowdown which will provide support to the country’s external accounts.
Most of the sector portrayed positive momentum and more than 11 stocks closed at upper circuit where Sui twins remained the big names. Overall 164 million shares traded in KSE All Share Index today, where TPLP,SNGP,OGDC and PRL remained among the top volume leaders.