Daily Report: 16 August 2022

Pakistan Stock Exchange (PSX) on the second trading day of this week depicted a bearish trend on the back of profit taking and plummeted -185.34 points to close the KSE100 Index at 43,436.48 levels.

On the economic front, Pakistan’s external debt and liabilities (outstanding) increased by $7.9 billion or 6% YoY to $130.2 billion (40%) of GDP at the end of FY22. The upsurge is mostly due to the augmented mobilization of foreign money to close the fiscal and current account deficits as well as the building up of foreign reserves throughout the period. The nation’s external debt and liabilities increased by $1.18 billion or 1% from $129 billion in 3QFY22 in the current coalition government’s first three months (Apr-Jun). On the other hand, the Pakistani government would amend the letter of intent (LOI) and resend it to the IMF. The IMF stipulated that $4 billion in loans from friendly nations had to be obtained before the tranche of $1.17 billion. Moreover, the government raised the gasoline price on Monday for the upcoming two weeks by Rs6.72. “In response to fluctuations in the price of oil on the global market and changes in exchange rates, the government has chosen to alter the current prices for petroleum products to pass the impact on the public,

Across the board profit taking witnessed and overall 517 million shares traded in KSE All Share Index today, where CNERGY,FFL,UNITY and PRL remained among the top volume leaders.