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Pakistan stock market continues upward journey

SAMAA | - Posted: Dec 3, 2019 | Last Updated: 6 months ago
Posted: Dec 3, 2019 | Last Updated: 6 months ago
Pakistan stock market continues upward journey

Photo: File

The Pakistan Stock Market remained positive and continued its upward trend on Tuesday morning as it touched over 40,400 points in the beginning trade hours. This comes a day after the stock exchange gave highest monthly return in over 6.5 years as the benchmark index rallied past 40,120 points.

The upward trends in the market, coupled with Moody’s upgrading credit rating of Pakistan, have boosted the confidence of investors. The collective response and profits for traders and investors are making the local market lucrative for prospect interests within and without the country.

This has materialised also in figures of net-buyers. More people are currently buying shares compared to those selling them.

Moody’s expects the current account deficit of Pakistan to continue narrowing in the current and next fiscal year, averaging around 2.2% of the GDP. It was more than 6% in the fiscal year 2018 and around 5% in the fiscal year 2019.

The stock market had investors pulling out their funds since it plummeted to below 29,000 points in August, owing to the political instability causing negative sentiment and pushing stocks to the verge of a crash. Contrary to the erstwhile beliefs and speculations, the market hit on Monday its highest benchmark index in over 6 months, while the ROI were recorded to be the most since May 2013.

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