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Daily Report: 23 June 2022

PSX research report

Daily Report: 23 June 2022

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Pakistan Stock Exchange (PSX) on the fourth trading day of this week depicted a positive trend on the back of progress on FY23 budget and KSE 100 Index climbed +258.83 points to close the benchmark index at 42,716.97
levels.

On the economic front, while the Finance Minister is hopeful about Chinese $2.3bn inflow within a couple of days, the RDA account has surpassed the $4.5bln mark for total deposits and recorded a historic highest single day inflow of %57 million to provide much needed confidence to forex reserves situations. Moreover, the auction of fixed rate Pakistan Investment Bonds (PIBs) depicts softness in the yield curve and the government raised Rs155 billion with the lower yields. On the other hand, the Pakistani rupee (PKR), which is on the rise, has increased against the US dollar in intraday trade by almost five rupees in the interbank market and quoted at 207.07/207.32 per USD. Moreover, Intl. Oil plummeted by more than 2% today as a result of major economies boosting interest rates, which further lowered prices. WTI oil futures were now trading at $103.46 a barrel, down $2.6, or 2.7 percent.

Power sector stayed in the limelight today, namely both NCPL and NPL closed at upper circuit. Overall positive sentiment prevailed in stock market and 348 million shares traded in KSE All Share Index today, where CNERGY,PRL,KEL and UNITY remained among the top volume leaders.


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