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Daily Report: 24 June 2022

PSX research report

Daily Report: 24 June 2022

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Pakistan Stock Exchange underwent a bearish trend on the back of 10% super tax impositions by the Govt. and benchmark plummeted by -1665.18 points to close the KSE100 Index at 41,051.79 levels.
 
On the economic front, the prime minister stated on Friday that big corporations will be subject to a 10 percent supertax or poverty alleviation tax. The collection of the whole tax, which will be utilised to lessen poverty in Pakistan, will be funded by the high income earners. The charge would apply to the cement, steel, sugar, oil and gas, fertilizer, LNG, textile, banking, automotive, beverage, chemical, and tobacco sectors.On the other hand, as a result of paying off external debt, the nation’s total liquid foreign exchange reserves decreased by another $733 million in just one week. But the State Bank of Pakistan (SBP) said on Thursday that more reserves are expected in the coming days as a result of the realization of loan revenues from China.Additionally, the resistance level for US crude oil at $106.10 per barrel may be tried once more; if it is broken, a climb to $107.74 may occur. Brent oil prices may rise to a range of $115.30 to $116.44 if this level is broken. At roughly $112.93 per barrel, this level of resistance for Brent oil, it might be tried once more. It is possible for there to be five-minute waves that combine to form a triangle during the bounce caused by the support at $108.12 in price.
 
Lastly, for the week ending June 23rd, 2022, the Sensitive Price Index (SPI) showed a gain of 28.05 % YoY. Today’s KSE All Share Index saw a total trade volume of 423 million shares, with KEL,CNERGY,PRL and TELE remaining among the top volume leaders


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