KARACHI: Pakistan Stock Exchange (PSX) on Tuesday, showed upward trend, as the 100 index gained record 929 points on the very first day of trading in 2019, ARY News reported.
As per details, the first trading day of new year proved to be a good omen for the PSX as it showed positive indicators. The 100 index closed at 37,995 points after gaining 929 points, at the end of the trading here today.
The index closed at 37,995 points. According to dealers of the market, the investors are gaining confidence after the steps that have been taken by the incumbent government, to put country’s ‘ill’ economy back on the track.
Related: Pakistan Stock Exchange sheds almost 800 points in intraday trading
The investors hoped that the stock market would recover with expected improvement in the macroeconomic indicators. The biggest challenge to the economy – the current account deficit – has started narrowing down.
“We expect foreign inflows in 2019,” he said. “Rupee adjustment (against the US dollar) was the major concern of foreign investors that has been addressed now,” the dealers said.
Banks and oil and gas exploration firms, which carry almost 40% weightage in the benchmark KSE-100 index, would help the index perform better in year 2019, analysts said.
PSX in 2018
Pakistan Stock Exchange, widely regarded as a barometer of the country’s economy, in 2018 dented investors’ confidence following modifications in political and global economic condition.
Importantly, one federal budget did not prove to be enough for the country as it followed a mini budget after change of guards in the federal capital.
The year 2018 started with PSX 100 index at 40,471 points, and lost more than 2,000 points.
Share prices of different companies declined more than Rs700 billion.
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from Business – ARYNEWS http://bit.ly/2CHp9u2
