*KARACHI: **Pakistan economy starts to show stability and positive movementin FY 2019.*
*Pakistan Stock Exchange (PSX) witnessed a bullish trend in the outgoingweek with the benchmark KSE-100 index gaining significant 2,585 points toclose at 31,350 points.*
Over the course of a week, foreign investors sold a total of $4900,000worth of shares.
Moreover, since the passage of the financial budget for the fiscal year2019-20, the stringent policies had been reflecting themselves in thedownfall of the stock market.
According to a JS Global report, “The local bourse closed positive on therumors that Pakistan might exit the FATF grey list.” Market analysts areexpecting a positive momentum at the bourse in the days to come.
On the other hand, in the recent weekly unprecedented statistics, thePakistani currency has appreciated by Rs1.5 against the US dollar in theoutgoing week and closed at Rs157.90 in the open market on Friday.
In the interbank market, the rupee gained by 43 paisa against the greenbackwith slight fluctuation in the whole week and settled at Rs157.52.
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In the earlier weeks, the rupee was observed to cumulatively depreciateagainst the greenback, which in turn had resulted in increased prices ofgoods and hardships for the general public.
In the previous weeks, the local currency has depreciated massively despitereceiving the first tranche of $991.4 million from the InternationalMonetary Fund (IMF).
The gradual drop in the rupee had come due to high demand for the dollaragainst thin supply as the country continued to make aggressiveinternational payments to partially pay off huge foreign debt and forimports.
It is anticipated that the US dollar rate would fluctuate for some time,and the value of the Pakistani rupee would stabilise after properimplementation of the economic policies.
