Daily Report: 18 August 2022RT Securities
Pakistan Stock Exchange (PSX) on the fourth trading day of this underwent a bearish spell due to selling pressures and the benchmark KSE100 Index declined -195.06 points to close at 43,481.50 levles.
On the economic front, the government has pledged to the International Monetary Fund (IMF) to increase the petroleum development levy (PDL) on gasoline and diesel to a maximum of Rs50 per liter by January and April of 2023, respectively Moreover, the finance minister announced to lift of import restrictions with a slight caveat and reiterated that the incumbent government is focused to promote foreign direct investments in the country by providing all possible support to the investors. On the fixed income front, the central bank injected PKR.310.4 billion into the money market through reverse repo purchase at a 15.16% rate of return. On the other hand, PKR broke its winning streak and depreciated 98 paise against the greenback to close at 214.88 levels.
Across the board, the market stayed under selling pressures, and overall 621 million shares traded in KSE All Shares , wehre WTL,CNERGY,KEL stayed among the top volume leaders.