June 9, 2019 (MLN): Pakistan stock market ended the last trading session before Eid on a disappointing note ahead of tough budgetary measures scheduled to be declared on 11th June 2019. The negative sentiment was further fueled by the government’s petrol price hike of Rs4.26 per litre for the month of June 2019.
The Benchmark KSE100 index ended last trading session with a 469.50 points or 1.31 percent decline to close at 35,505.29.
In addition, on economic front, the Economic Survey for the financial year 2018-19 is set to be released by tomorrow, which is likely to confirm that virtually all economic targets were missed with poor policy decisions of the past and indecision in addressing an alarming fiscal situation finally catching up with the economy.
On Monday, the State Bank of Pakistan (SBP) conducted an auction in which it sold Market Treasury Bills (MTB) worth Rs.111.35 Billion for 3 and 12 months.
Moreover, the statistical data released this week apprising the economic standing of the country are listed below:
- Pak Rupee's Real Effective Exchange Rate Index (REER) decreased by 0.13 percent in April 2019 to a provisional value of 104.2652 from the revised value of 104.4045 in March 2019. According to data published by the State Bank of Pakistan (SBP), the REER index decreased by 6.15 percent compared to April 2018.
- The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.28% during the week ended May 30, 2019 while the SPI increased by 14.16% compared to the corresponding period from last year.
- Pakistan's Yearly Inflation rate in May 2019 was 9.11 percent compared to 8.82 percent in April 2019 and 4.19 percent in May 2018. The July-May average inflation is 7.18 percent compared to 3.81 percent from the corresponding period last year.
- Pakistan's non-government sector has borrowed another net sum of Rs.2.72 billion during the week ended May 24, 2019, which brings the cumulative net borrowing for ongoing year to Rs.879.57 billion.
- The government of Pakistan accumulated an additional net debt of Rs.2.72 billion during the week ended May 24, 2019, which brings its total net borrowing for ongoing fiscal year (FY19) to Rs.1.15 trillion.
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