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Daily Report: 15 July 2022

Daily Report: 15 July 2022

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Pakistan Stock Exchange on the last trading day of this week underwent a bearish trend and the benchmark KSE100 Index plummeted -274.00 points to close at 42,074.91 levels.

On the economic front, after successfully completing a staff-level agreement with the IMF, the incumbent government is planning to raise almost $9 to $10 billion in additional funding from the multilateral creditors.  Importantly, the country’s liquid foreign exchange reserves decreased by $132 million during the week, falling to $15.611 billion due to external payments. Moreover, the decline in petroleum product prices after the premier announcements up to PKR.40/liter in diesel price, soften the inflationary outlook and brought the cyclical sector again in the limelight. On the other hand, the Federal Board of Revenue (FBR) has been ordered by the Federal Tax Ombudsman (FTO) to compensate the taxpayer for the delay in receiving their income tax refund from 2014–15. When addressing a complaint about the non-issuance of a refund, the Tax Ombudsman ordered the FBR to resolve the long-pending refund claim, provide compensation for the delayed refund in accordance with the law, and include the tax computation in the appeal effect decision. Moreover, Intl, oil prices have found support at $94.69 per barrel and continue to sustain above this critical support level, failure to hold this zone might trigger a further downward trend.

Lastly, the Sensitive Price Index (SPI) recorded an increase to 33.12% YoY for the week ended 14th July 2022. Overall 139 million shares traded in KSE All Share Index today, where PAEL,UNITY,SNGP and WTL remained among the top Volume leaders.


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