KARACHI – Pakistan stock exchange has made remarkable gain of 3 percent,highest rise in two and half months on expectations United Arab Emiratespromised to increase investment portfolio in Pakistan and would work onnumber of projects to help boost economy.
Pakistan stock market gained sharply by 1014 points to close at 38562points with gainers led the column where 201 companies showed plus signs asagainst 102 witnessed minus signs.
Elixir Securities Director Research Hamad Aslam said that the exuberancewas led by positive developments on financing the External Account Deficitafter conclusion of a successful visit by the Crown Prince of UAE.
This further helped develop market consensus that the Current AccountDeficit will significantly ease going forward – we expect the deficit toclock in at $11.6 billion and $7.7 billion in FY19 and FY20, respectively(from a high of USD19.0bn in FY18).
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He said that the another major trigger for the market movement was thesignificant recovery in international crude oil prices which directlybenefits roughly 15 percent of the KSE100 Index (i.e. OGDC, PPL, POL andMARI).
