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JS Securities Limited – Weekly Review (July 01, 2022)

Karachi, July 01, 2022 (PPI-OT): Market bounces back to recoup losses

Pakistan equities closed the week at 41,630, reporting an increase of 1.4% WoW. The week started on an optimistic note as investors brushed off the pessimism after the announcement of Super tax last week. Positive news regarding the receipt of the MEFP from IMF and credit of US$2.3bn from China supported the market during the week. Pak rupee continued to extend gains against the greenback where as cut-off yields on 3 month and 6 month Treasury bills in the recent auction fell by 2 bp and 15 bp, respectively compared to the previous auction. Volumes remained dull during the week with average daily traded volumes declining by 34% WoW.

On the news front, FBR collected a net revenue of Rs6.125trn during FY22 comfortably meeting the target of Rs6.10trn set for the outgoing fiscal year. Moreover, govt further increased prices of petrol and diesel by Rs14.85 and Rs13.23/litre, respectively because of the imposition of petroleum levy to help meet the revenue target set for FY23 under the IMF program. On the external front, Current account deficit for May-2022 rose 2x MoM primarily due to lower remittances.

js-securities-limited-weekly-review-july-01-2022

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