Daily Report: 26 August 2022RT Securities
Pakistan Stock Exchange (PSX) continued its bearish trend on the last trading day of the current rollover week, plummeting by -441.06 points, to close the KSE100 Index at 42,591.51 levels.
On the economic front, the nation’s total liquid foreign exchange holdings fell by $92 million or 0.7% WoW for the week ending at $13.5 billion. Moreover, the Sensitive Price Index (SPI) for the week ended recorded an increase of 44.58% YOY for the week ended 26th Aug 2022. Investors seem concerned about the recent damage by the flood and fear of rising food prices in the upcoming week. On the other hand, the Pakistani rupee (PKR), has lost more ground against the US dollar, falling 59 paisa in the interbank market and trading at 219.94/220.44 due to the government’s recent decision to lift the ban on imports. Moreover, as per the agreement with the International Monetary Fund (IMF), the government would initially impose a 10.5 percent GST on petroleum products and then increase it to a 17 percent GST if monthly revenue collection data indicated a failure to meet targets for the first quarter of the fiscal year 2023 and subsequent quarters.
Overall 266 million shares traded in KSE All Share Index today, where KEL,PRL,PAEL and CNERGY remained among the top volume leaders.