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KARACHI: Pakistan Stock Exchange (PSX) staged a late recovery after a volatile trading period marked by geopolitical uncertainty, although the benchmark KSE-100 index still ended the first month of the current fiscal year lower.
According to Topline Securities Ltd, the index closed July down 4,208 points or 2.3 per cent month-on-month as escalating US-Iran tensions pushed global crude oil prices higher, weighing on investor sentiment.
During the month, the Pakistan Bureau of Statistics reported inflation, measured by Consumer Price Index (CPI), eased to 11.07pc in June from 11.66pc in May. Workers’ remittances stood at $3.5 billion in June, up 2pc year-on-year but down 18pc from the previous month.
Net foreign direct investment fell sharply to $14 million in June from $214m in May, while the real effective exchange rate rose to 106.44 from 106.08. The current account posted a deficit of $649m in June, reversing a surplus of $500m recorded in May. Meanwhile, car sales reached 22,741 units, rising 4pc year-on-year and 29pc month-on-month.
