Daily Report: 19 July 2022dev.admin
Pakistan Stock Exchange continued its bearish trend on the second day of this week, sliding -978.04 points amid political unrest and sinking local currency. The benchmark KSE100 Index closed at 40,389.07 levels.
On the economic front, the ongoing domestic political crisis has created uncertainty in the financial markets. As a result, the Pakistani rupee nosedived to touch the historic low of 221 against the US dollar in the Interbank today and shattered investors’ confidence. Importantly, the IMF has hinted about having no objection to holding negotiations with the caretaker government if it comes to Pakistan. On the manufacturing front, the Large-scale manufacturing (LSM) in Pakistan increased by 11.7 percent between July 2021 and May 2021–22, with positive development seen in nearly all industries, while future factory output may be affected by excessive price inflation. Moreover, Intl. Oil prices slightly increased on Tuesday, correcting some of the earlier losses and coming after a previous session’s jump of more than $5 per barrel due to supply concerns. Brent crude’s price for the September settlement went up 17 cents to $106.51 per barrel.
Throughout the day market stayed under the selling pressures and overall 194 million shares traded in KSE All Share Index, where KEL,WTL,CNERGY and CLVLR remained among the top volume leaders.