Till 10:40am today, 100-index of Pakistan Stock Exchange has gained 261 points, mounting to 44,163 points. If the Supreme Court gave any reasonable decision today, it will revive a bullish sentiment in the stock market.
Economy
The PSX benchmark 100-index eroded 1097 points around 10.22 am on Monday and slightly gained as net decline in 100-index stood at 895 till 11.15 am. The stock market has turned volatile today because of a deepening political uncertainty in the wake of dissolution of National Assembly.
Every day, Europeans consume Russian gas, amounting to 200 million to 800 million euros ($880 million) and this factor greatly weakens the effect of the sanctions, regardless of how the payments are made.
In a recent report IMF said “the share of reserves held in US dollars by central banks has dropped by 12 percentage points since the turn of the century, from 71 percent in 1999 to 59 percent in 2021.”
Assets of IBI grew by 30.6 percent in CY21, while deposits increased by 24.2 percent during the same period. As a result of this strong growth, the market share of Islamic banking assets and deposits in the overall banking industry increased to 18.6 percent and 19.4 percent, respectively, by end Dec 2021.
PSX started the day with bullish sentiment and the benchmark 100-index gained 208 points and mounted to 45,136 points till 11:50 am with trading of 47.6 million shares valuing 2.548 billion rupees.
OPEC crude oil price has further increased today, to $110/barrel, up 0.37 percent from previous price. OPEC’s crude oil is staying above Brent’s value due to Houthis attack on Saudi Arabia’s largest oil depot in Jeddah this week.
About $3 billion decline in the foreign exchange reserves of State Bank has caused a further blow to the value of rupee against dollar which increased to around 184 rupees in the inter-bank and above 185 rupees in the open market.