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Daily Report: 29 July 2022

Daily Report: 29 July 2022

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Pakistan Stock Exchange (PSX) on the last trading day of this week breaks a bullish streak and KSE 100 Index falls flat to -126.28 points to close the benchmark index at 40,150.36 levels.

On the domestic political front, the PDM leaders have assured that the coalition government led by Pakistan Muslim League-Nawaz (PML-N) will complete its remaining term and the elections will be held on time, which clarified the already disturbed political environment. Moreover, the Army chief has approached the US deputy secretary of state to push IMF fast-track $1.2 billion funding. On the economic front, the IMF has decreased its 2023 growth prediction for Asia and the Pacific by 50 basis points to 4.6 percent. This year, the fund projects that economic growth in Asia and the Pacific would fall to 4.2 percent, which is 0.7 percentage points less than what it predicted in April and less than the 6.5 percent growth in 2021. On the other hand, the country’s total liquid foreign exchange holdings decreased by $827 million or 5.4%during the week. Importantly, the Sensitive Price Index (SPI) recorded an increase to 37.67 % YoY for the week ended 28th July 2022.

Market stayed sidelined in the major part of the day and overall 170 million shares traded in KSE All Share Index today, where UNITY,LOTCHEM,CNERGY and TRG remained among the top Volume leaders.


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