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Home Economy

PSX weekly review: Current Situation of Pakistan Economy

by Suneela Zulfiqar
July 30, 2022
in Economy, Finance, Main
Reading Time: 2 mins read
PSX weekly review: Current Situation of Pakistan Economy
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The Pakistan Stock Exchange (PSX) remained volatile during the outgoing futures rollover week, with the benchmark KSE-100 index oscillating between positive and negative territory. The index closed the week flat, with a minor increase of 73 points, or 0.18%, to 40,150 points.

The stock market started the week on a negative note, as political and economic uncertainty kept investors on edge.

What is more, the Pakistani rupee continued its precipitous decline against the US dollar (reaching an all-time low of 239.94) amid scepticism over the release of the International Monetary Fund (IMF) tranche.

The increased year-on-year volatility in the current account deficit, which reached $2.3 billion in June 2022, is cause for concern.

Nonetheless, the situation brightened after the finance minister, Miftah Ismail, confirmed that every effort is being made to revive the IMF program.

Additionally, the State Bank of Pakistan’s acting governor spoke in agreement with the finance minister, and squashed fears of any up-coming defaults on global payments.

Besides this, Fitch and Moody’s indicated optimism concerning the dispersal of $1.2 billion from the IMF shortly. Although, S&P Global lowered Pakistan’s credit outlook from neutral to negative, keeping the stock exchange in check.

Other noteworthy occurrences during the week were:

  • ICI Pakistan intending to procure a 75% stake in Lotte Chemical
  • SBP’s foreign currency reserves decreasing $754 million to $8.6 billion
  • Cabinet authorizing Rs3.50 per unit raise in power tariff
  • ECC deciding to increase RLNG rate to $9 per MMBTU for export-oriented sectors
  • ECC endorsing revision in dealer margin of MS (petrol)
  • Hi-speed diesel from Rs4.90 per litre and Rs4.13 per litre to Rs7 per litre.

Foreign buying this week totaled $0.57 million, compared to last week’s net buy of $1.64 million. Buying was seen in technology ($3 million) and textile ($0.64 million) stocks.

Major selling this week came from individuals ($2.04 million) and insurance companies ($1.78 million).

Average volumes this week were 150 million shares (down 8% from last week), while average value traded was $22 million (up 3% from last week).

Tags: KSE-100 indexlatestpakistan economyPakistan Stock Exchange
Suneela Zulfiqar

Suneela Zulfiqar

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