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Daily Report: 14 July 2022

Daily Report: 14 July 2022

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Pakistan Stock Exchange on the second trading day of this week depicted bullish momentum on the back of the much-awaited staff level agreement between Pakistan and IMF. As a result benchmark surged +486.14 points to close the KSE100 Index at 42,348.91 levels.

On the economic front, after the finalization of the cited agreement, the country will receive $1.177 billion from the IMF, bringing the total amount disbursed so far under the program to nearly $4.2 billion. In addition, the IMF Board will consider extending the EFF until the end of June 2023 and increasing access by SDR 720 million, which will bring the total access under the EFF to about $7 billion in order to meet the country’s higher financing needs in FY23, as well as spur the additional financing needs. On the other hand, the Pakistani Rupee gained more ground against the US Dollar (USD) in intraday trade on Thursday as a result of the staff-level agreement. The rupee’s quote increased from its previous closing value of 210.10 to 208.78/209.53. Moreover, on the fixed income front, the T-bills, (SBP) was able to generate Rs 506 billion, which is more than its $500 billion goals. The cut-off yields for the three, six, and twelve months all went up during the Wednesday auction by 52, 100, and 99 basis points, respectively. The government accepted offers totaling Rs506 billion from the market, leaving the government with an unrealized value of Rs479 billion. Likewise, the prices of petroleum products are also expected to decrease from the range of Rs. 17 and Rs. 10 per liter, which will bring impetus on the inflationary outlook.

Across the board, euphoric buying has been seen in the local market where fertilizers and the tech sector dominated the positive sentiments. Overall 228 million shares traded in KSE All Share Index today, where KEL,TPLP,SSGC and UNITY remained among the top volume leaders.


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