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Daily Report: 27 June 2022

Daily Report: 27 June 2022

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Pakistan Stock Exchange (PSX) on the first trading day of this week, depicted recovery after the Friday’s bloodbath and painted bullish momentum by increasing +826.78 points to close the KSE100 Index at 41,878.57 levels.

On the economic front, the USD 2.3bn deposits by China may lighten anxieties originating from the depleting forex reserves and ease pressure on the falling local currency. Importantly, the discussions between the Pakistani government and the staff of the International Monetary Fund (IMF) will reopen once  the budget for the ensuing fiscal year 2022-2023 will be approved. The request has already been submitted for increasing funding from $6 billion to $8 billion and extension for an additional year to continue the programme till 2024. On the otherhand, the Pakistani rupee (PKR) is currently trading at 207.03/207.53 per USD, up from the previous closing of PKR207.48 per USD, which represents a gain of about one rupee for the day. Moreover, the one-time supertax would be applicable to Tax Year 2022 for the corporations and sectors named in the amended Finance Bill 2022 which is subjected to doward earning revisions for the last quarter of the current fiscal year.
 
Investors opted to take selective buying positions in stocks which created a huge valuation gap after the Friday’s sell off. Overall 237 million shares traded in KSE All Share Index today, where KEL,TREET,UNITY and PRL remained among the top Volume leaders.


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