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Daily Report: 21 July 2022

Daily Report: 21 July 2022

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Pakistan Stock Exchange (PSX) on the fourth trading day of this week, resumed its bearish trend and plunged another -627.95 points to break the psychological level of 40,000. The benchmark KSE100 Index closed at 39,831.75 levels.

On the economic front, the financial market of Pakistan utterly disregarded yesterday’s press conference of Finance Minister Mr.Miftah Ismail and continued panic in the bonds, equities, and as well as in currency markets. Moreover, the senior economist, Mr.Atif Mian stated that the economy of Pakistan is in serious trouble, and without help—starting with the IMF—the dreaded “doom cycle” of financial markets squeezing the actual economy will only worsen. He issued a warning that the problem is not “default” per such, but rather the devastating effects it has on the populace. Pakistan has virtually placed itself at the mercy of outside aid. Contrary to this, The Asian Development Bank (ADB) has projected that Pakistan’s economic growth will “recover slightly” in the fiscal year 2022-23 (FY23) on the back of structural reforms. PKR on the other hand continued its downward slide to 228 per USD due to higher external payments.

Across the board, investors stayed sideline and avoided buying positions. Participations also remained dismal and overall 158 million shares traded in KSE All Share Index today, where WTL,TPLP,UNITY and CNERGY remained among the top Volume leaders


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