Daily Report: 24 August 2022RT Securities
Pakistan Stock Exchange on the third trading day of this week painted a lackluster picture and finally settled in the red zone with -28.80 points decrease to close the index level at 43,337.97 .
On the economic front, the current account deficit (CAD) was reduced to $1.2 billion in July 2022, on the back of a sharp decline in petroleum products import and restrictions in luxury imports by the government. . Due to a variety of recent measures taken to limit imports and growth, including restrictive monetary policy, fiscal consolidation, and certain temporary administrative measures, the deficit has fallen by a gigantic 45% month over month. On the other hand, Pakistan’s trade deficit in services also declined over 62% MoM to $260 million in July 2022. Similar to that, the nation’s annual trade imbalance in services decreased from $287 million in July 2021 by 9.4% YoY. Moreover, the K-Electric has appealed to the regulators to permit them an enormous Rs14.533/unit additional collection from consumers on account of quarterly fuel price adjustments.
The market remained range-bound throughout the day and overall dismal performance was witnessed with 256 million shares traded in KSE All Share Index today, where HASCOL,KEL,PIAA and BAFL remained among the top volume leaders.