The equity market experienced a volatile session on Friday as the benchmark index of the Pakistan Stock Exchange (PSX) fluctuated sharply. The KSE-100 Index climbed to an intraday high of 146,813.43 points, gaining 1,166.30 points (0.8%), while also touching a low of 145,011.75 points, down 635.38 points (0.44%) from its previous close of 145,647.13.
Foreign Exchange Reserves Fall for Third Consecutive Week
On Thursday, the State Bank of Pakistan (SBP) reported that the country’s foreign exchange reserves held by the central bank dropped for a third consecutive week. As of August 1, the reserves stood at $14.232 billion, a decrease of $72 million from the prior week, which was attributed to external debt repayments. Total liquid foreign reserves also fell by $111 million to $19.496 billion.
July Trade Deficit Widens
In July, imports rose by 12% month-on-month and 29% year-on-year to $5.4 billion. Exports also increased to $2.7 billion, up 9% month-on-month and 17% year-on-year. As a result, the trade deficit for July widened by 44% year-on-year to $2.8 billion.
