ISLAMABAD – Notwithstanding the ‘Dharna’ (sit-in) in the federal capital,Islamabad, the country’s journey towards sustainable growth remainsunimpeded as clearly demonstrated by the performance of the Pakistan StockExchange (PSX) and other economic developments.
The weeklong performance by the stock exchange exhibited exceptionalconfidence the investors had been reposing on the PSX. It also demonstratedthat the traders virtually rejected ‘dharnas’ and ‘marches’ as the KSE-100index went up by over 4.65 percent during the week ending on November 8.
The bullish sentiments ruled the PSX during the whole trading week, liftingthe KSE-100 index by 1600.55 points to 35,978.16 points on the last tradingday compared to its positioning at 3,477.61 points on last Saturday, PSXreported.
Throughout the week, the bulls rule the KSE-100 and there was not even asingle trading day that had allowed bearish trends to slash the pace ofbullish growth.
The weeklong performance shows the index positively growing 899.85 (2.62%)points on Monday; 80.85 (0.23%) points on Tuesday; 295.02 (0.83%) points onWednesday; 105.19 (0.30 %) points on Thursday and 219.64 (0.61 %) points onFriday.
On the other hand, the International Monetary Fund (IMF) mission alsoconcluded review of Extended Fund Facility (EFF) successfully by theweekend, which is positive for Pakistan.
The IMF confirmed that Pakistan met all the criteria set for the firstquarter by good margins, hence a staff-level agreement was reached at onthe first review under EFF.
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The IMF in its statement said that all performance criteria forend-September were met with comfortable margins and progress continuedtowards meeting all structural benchmarks, with the government’s policieshad started to bear fruit, helping to reverse the buildup ofvulnerabilities and restore economic stability.
In an another development, key inflation indicator, the Consumer PriceIndex (CPI) eased in October and stood at 11% compared to the same month ofprevious fiscal year, as reported by the Pakistan Bureau of Statistics(PBS).
Meanwhile, the total liquid foreign reserves held by the country stood atUS$15,517.9 million as on November 01, 2019, according to State Bank OfPakistan (SBP).
The breakup figures show that the foreign reserves held by SBP stood atUS$8.357.6 million whereas the net foreign reserves held by commercialbanks stood at US$ 7,160.3 million.
There had been increase of US$443 million in SBP reserves to US$8,357.6million during the week ending 01-November-2019, showing positive journeytowards economic stability.
