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Daily Report: 20 June 2022

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Daily Report: 20 June 2022

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Pakistan Stock Exchange on the first trading day of this week, depicted bearish momentum and plummeted by -363.78 points to close the KSE100 Index at 41,776.98 levels.

On the economic front, Pakistan and the International Monetary Fund (IMF) have yet to reach a staff-level agreement on the restoration of the Extended Fund Facility (EFF), putting officials in a tight place to narrow the gap and get the amended federal budget for fiscal year 2022-23 approved by the National Assembly. On the otherhand, the Pakistani rupee (PKR) has dropped to a new all-time low against the US dollar quoted above 210.05 per USD due to lack of an IMF tranche and a delay in the FATF verdict, which will be released after the FATF’s onsite visit to Pakistan. Moreover, Intl. Oil prices fell, reversing earlier gains, as fears about slowing global economic growth and gasoline consumption overcame concerns about supply constraints and trading at $109.42 a barrel, down 14 cents, or 0.1 percent. Softness in Intl commodity prices will bring much needed favourable respite in local economy.

Investors remained reluctant to take fresh positions and overall 161 million shares traded in KSE All Share Index today, where TPLP,WTL,PRL and CNERGY remained among the top Volume leaders.


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