Daily Report: 20 July 2022RT Securities
Pakistan Stock Exchange (PSX) on the third trading day of this week underwent a dull performance and the KSE 100 Index finally increased +70.63 points to close the benchmark KSE100 Index at 40,459.70 levels.
On the economic front, Finance Minister Miftah Ismail in his emergency press conference reiterated that the economic fundamentals have improved during the past two weeks, the country has successfully availed IMF agreement and multilateral funding is expected around $6 to 8 billion in the upcoming months. Moreover, he informed about the $ 1 billion investments expected in the Pakistan Stock Exchange from a friendly county, a summary of which has already been sent to CCLS, and emphasized the recent sudden fall in PKR that emerged in the last two days is due to political instability. Moreover, he added that Pakistan’s import bill up to July 18 was $2.6 billion, 20 percent less than it was at the same time last year, in an effort to calm the markets. On the other hand, the Pakistani rupee (PKR), which had previously closed at PKR 222 per USD, has lost more than three rupees in intraday trade as a result of the current political and economic unrest. While the dollar is traded at PKR 222/226 per USD in the open market, it is traded in the interbank market at 224.97/225.47 per USD at 10:31. Besides, the exports of the nation’s textile group increased by 25.53 percent in the most recent fiscal year, 2021–2022, and were $19.329 billion as opposed to $15.399 billion in 2020–2021. The country’s overall exports from July through June of 2021–2022 were $31.792 billion (provisional), up from $25.304 billion during the same period the previous year, a rise of 25.64 percent.
Across the board lackluster performance was witnessed, and overall 142 million shares traded in KSE All Share Index today, where TPLP,WTL,CNERGY and UNITY remained among the top Volume leaders.