Daily Report: 25 August 2022RT Securities
Pakistan Stock Exchange (PSX) on the fourth trading day of this week, depicted profit taking and plummeted by -305.40 points to close the KSE100 Index at 43,032.57 levels.
On the economic front, the country’s foreign direct investment (FDI) substantially decreased in the month of July by 39% YoY to $59 million from the $103.8 million in the same month a year earlier. Importantly, investors seem hopeful about the Qatari sovereign fund investments of over $3 billion into various commercial and investment sectors, which will bring much-needed relief to external accounts. On the other hand, the Pakistani rupee (PKR), which has been constantly depreciating, rose to 228 per US dollar during intraday trade due to escalated demand for the greenback and as a result, it is trading today at PKR 219.50/219.60 in the interbank market. Moreover, the State Bank of Pakistan (SBP) exceeded its aim of 750 billion rupees by raising 828 billion rupees in the sale of three, six, and twelve-month T-bills with the 5bps inch up in 3 & 6-months.
The power sector stayed in the limelight, firstly the result of Hub Power Company with zero dividend disappointed investors. Secondly, the circular debt of the power sector had increased by Rs1.6 trillion in a single year, reaching Rs2.6 trillion, according to information provided to the Public Accounts Committee. Overall dismal performance witnessed and 208 million shares traded in KSE All Share Index today, where WTL,HASCOL,PIAA and NCPL remained among the top volume leaders.