The Abacus Prompt - July 2017 Issue
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- The KSE-100 index closed at 46,010 pts, decreasing 1.19% MoM
- Average daily turnover decreased 27% MoM to ~175 mn shares
- Foreigners reported a net sell of USD 37.9 mn in July (compared to a net buy of USD 7.9 mn in the previous month).
- Insurance Companies were major buyers during July, reporting a net buy worth USD 39.2 mn, whereas Mutual Funds were major sellers of USD 30.5 mn during the month.
- Banking, Cement, and Auto sector stocks were key negative contributors
- The PKR depreciated 0.51% MoM against the USD, 2.03% MoM against the GBP, and 4.04% MoM against the EUR
- Domestic Gold prices increased by 1.80% MoM, while domestic Silver prices increased by 1.7% MoM
- WTI Crude increased by nearly 9% MoM. Domestic HSD and Motor Spirit prices remained unchanged on a MoM basis
- Cotton (KCA) prices decreased by around 3.8% MoM to PKR 6,350/maund
- Urea prices decreased around 3.44% MoM at PKR 1,318/bag
- Total cement dispatches during July 2017 were recorded at 3.38 mn tonnes, up 23.81% MoM and 45.06% YoY.. Prices increased nearly 3% MoM.
- The SBP remained unchanged at 5.75%
- Forex Reserves decreased by USD 1.09 bn to USD 20.28 bn
- CPI Inflation was recorded at 2.90% YoY
- Exports decreased by 14.7% MoM to USD 1.63 bn and imports increased by 6.64% MoM to USD 4.84 bn; resultantly, the trade deficit increased by 22.20% MoM to USD 3.20 bn
- Foreign remittances decreased by 16.30% MoM to USD 1.54 bn
- The FBR reported provisional revenue collection at around PKR 200 bn in July 2017
- Net FDI was recorded at USD 222.6 mn in July 2017, higher 162.8% YoY.
- A five-member bench of Supreme Court in a unanimous decision disqualified the Prime Minister and ordered the NAB to file criminal charges against Nawaz Sharif and family in six weeks and complete the proceeding in six months.
- Tariq Bajwa was appointed as the new Governor of the SBP
- Regulatory duty of up to 35% was imposed on various steel products under SRO 505(I)/ 2017
- SECP chairman Zafar Hijazi was arrested by FIA on charges of tampering with the record of Sharif family’s companies
- Qatar rejected a list of 13 demands put forward by Saudi Arabia and its allies to end the diplomatic stalemate in the Middle East