Daily Report: 26 July 2022dev.admin
Pakistan Stock Exchange (PSX) on the second trading day of this week witnessed lackluster performance on the back of falling currency and amplified political uncertainties. Market closed marginally up by +50.03 points to close the benchmark KSE 100 Index at 39,894.05 levels.
On the economic front, the country accumulated $22.5 billion in foreign debt in the fiscal year 2021–2022, which came from a variety of financial sources, including an expensive $4.9 billion from foreign commercial banks (at 29%) of the total anticipated external loans of $14.088 billion, mainly to avoid depletion of FX reserves at an accelerated pace. On the other hand, investors are closely eyeing the result season which is underway, and anticipating positive surprises to bring excitement to an already dull market. Importantly, the PKR continued its slide, lost more than 12% in the past 30 days and just today decreased by 3.12 rupees to close at PKR 229.88 per USD in the interbank market. Moreover, Intl. Oil prices increased by more than 1% as a result of supply concerns, a decline in the US dollar, and higher stock markets. However, prices fluctuated as some investors worried that an increase in US interest rates would reduce fuel demand. Brent crude futures increased by $1.30, or 1.2 percent, to settle at $104.45 a barrel.
Across the board lower participation witnessed and overall 131 million shares traded in KSE All Share Index today, where TPLP,CNERGY,LOTCHEM and WTL remained among the top Volume leaders.