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Daily Report: 29 June 2022

Daily Report: 29 June 2022

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Pakistan Stock Exchange on the third day of this week underwent a bearish trend on the back of uncertain economic situations and declined -467.89 points to close the benchmark KSE100 Index at 41,297.73 levels.
 
On the economic front, the CAD for the month of May-2022 stayed at US$1.4bn, expanding 2 times on a monthly basis. The deficit in the outgoing month was not beacause of the increase in imports , but it was the result of falling remittances. 11MFY22 CAD totaled US$15.2bn, maintaining the monthly average at US$1.4bn.Moreover, investors closely observed the amendments to budget FY23 and its approval which is  a key determinant factor for the IMF’s findings. On the otherhand, the local currency (PKR) has strengthened by 2.57 rupees in intraday trade on the interbank market, where it has been increasing against the US dollar. The price of the unit was stated at 204.98/205.48 when compared to the previous closing rate of PKR206.87 per USD.In addition, despite yearly budget expectations of $14.09 billion for the full fiscal year FY22, Pakistan obtained new foreign loans of $13.54 billion from a variety of financial sources in the 11 months of the current fiscal, or July through May. The nation received $505.65 million in foreign aid in May 2022 from a variety of financial sources. A loan from a commercial bank was not taken out in May 2022.
 
Investor’s stayed side-lined and opted to observe key economic developments today. Overall 142 million shares traded today in KSE All Share Index with KEL,WTL,HASCOL and CNERGY remaining among the top volume leaders.


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