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Daily Report: 16 June 2022

PSX research report

Daily Report: 16 June 2022

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Pakistan Stock Exchange on the fourth trading day of this week, depicted bullish momentum and surged +291.37 points, to close the index level at 41,730.16 .

On the fixed income front, the cut-off yields on T-bills were reduced by 30-55 basis points in yesterday’s auction held by SBP. The government generated Rs834 billion in three, six, and twelve-month T-bill auctions, compared to a target of Rs750 billion. Reduction in yields depicts investor’s assumption for condensed inflation in upcoming months. On the other hand, the local currency continued its free fall and surpassed the barrier of 207 per USD. Moreover, the federal government has agreed to hike the price of petrol and diesel by another Rs24.03 and Rs59.16 per liter, notably Since May 26, fuel prices have been raised for the third time. Petrol and diesel prices have now reached all-time highs of Rs233.89 per liter and Rs263.31 per liter.

Investors remained hopeful and assumed the cut in petrol subsidy will pave the way for the elimination of deadlock in IMF findings. Overall 162 million shares traded in KSE All Share Index today, where WTL,OBOYR1,MLCF and PRL remained among the top Volume leaders


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