In a good development, Pakistan Economic Indicators reveal positive trajectory
KARACHI – In a good development, Pakistan Economic Indicators reveal positive trajectory in FY 2019-20.
Pakistan Foreign Exchange Reserves have witnessed an increase of over $1 billion with the Reserves increasing to over $15 billion.
Pakistan Stock Exchange (PSX) witnessed an upward trend in the outgoing week with the benchmark KSE-100 index gaining 1,014 points or 3.3 percent to settle at 31,481 points, Dunya News reported on Saturday.
With a significant average trading volume of 13 million shares over a course of the week, PSX shares have risen by Rs125 billion.
Collectively, foreign investors have bought a total of $1 million worth of shares.
According to stock market analysts, despite recent simmering Pak-India tensions and the current uncertain political situation in the country, investors have shown interest in the stock market due to a likely fall in interest rates.
Economists were of the view that since the passage of the financial budget for the fiscal year 2019-20, the stringent policies had been reflecting themselves in the downfall of the stock market. ------------------------------
On the other hand, the Pakistani rupee has appreciated by 40 paisa against the US dollar in the outgoing week and closed at Rs156.30 in the open market on Friday.
In the last two months, the local currency has recovered significantly against the greenback in the interbank market.
Likewise, in the interbank market, the rupee gained by 13 paisa against the greenback with slight fluctuation in the whole week and settled at Rs156.19.
Currency traders were of the view that the increasing inflows of remittance in have supported the local rupee in the market.