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Daily Report: 15 August 2022

Daily Report: 15 August 2022

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Pakistan Stock Exchange (PSX) on the first trading day of this week depicted bullish momentum and the KSE100 Index surged +764.25 points to settle at 43,621.82 levels.

On the economic front, the International Monetary Fund (IMF) has called a meeting of its executive board on August 29 to approve a bailout package for Pakistan, including a payment of around $1.18 billion, by the end of the current month. Moreover, Saudi Arabia also plans to renew its $3 billion deposit in assistance to Pakistan, in an effort to rein in one of Asia’s highest inflation rates and stave off a current-account crisis. On the other hand, the Pakistani rupee (PKR), which had already increased its gains against the US dollar, gained 3.49 rupees further in early trade today at 210/213.50 per. Besides, Intl. Oil prices fell for a second session today as the leader of the world’s largest exporter, Saudi Aramco, declared that his company is prepared to increase output as many offshore sites in the U.S. Gulf of Mexico resume production following a brief outage last week, which turned out to be a positive news flow for the local economy, especially in the midst of current-account crisis.

Most of the sector stayed in the green zone and more than 23 stocks closed at the upper circuit including NETSOL, NRL, NPL, HASCOL, ITTEFAQ, NRSL, and NCPL. Overall 540 million shares traded in KSE All Share Index today, where KEL,PRL,WTL and TELE remained top volume leaders.


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