KSE-100 index soars more than 830 points
KARACHI (92 News) – Pakistan Stock Exchange (PSX) maintained its momentum in the market as the KSE-100 index on Monday soared more than 830 points.
The great edge on the start of business week and the KSE-100 index increased more than 830 points. However, the index has crossed the psychological threshold of 40,100 during trading.
The KSE-100 index staged a handsome rally as investors took cues from positive economic indicators. The bourse shot past 40,000 points after a period of 10 months. At 3:37 PM, the KSE-100 was trading at 40,133.66 points after an increase of 846.01 points or 2.11%.
Earlier, the bourse traded at 40,000 level in February 2019. The Ministry of Commerce released trade data which revealed that the trade deficit contracted significantly during the month of November 2019.
The sources said that the KSE-100 continued a positive momentum and extended its gains which could be seen in the rally. It also added that positive investor sentiments in the past few sessions fuelled the rise on Monday.
On the other hand, the international rating agency Mooday’s has upgraded Pakistan’s outlook to stable from negative.
In a statement, the Ministry of Finance said that the upgradation of outlook to stable is an affirmation of the government’s success in handling the country’s economy.
The finance ministry said the government remains fully committed to its reforms agenda, which is producing the outcomes that will lay a firm foundation for accelerated, sustainable and inclusive growth in future.
Moody’s appreciates government’s reforms agenda
Moody’s has also appreciated the government’s reforms agenda. In its press release, the rating agency highlighted Pakistan’s progress towards macroeconomic stabilization with reduced vulnerabilities on the external account.
It also noted the ongoing fiscal reforms which will help in mitigating risks related to debt sustainability and government liquidity. The rating affirmation reflects Pakistan’s relatively large economy and robust long term growth potential, coupled with ongoing institutional enhancements that raise policy credibility and effectiveness.
In a tweet, Adviser on Finance Hafeez Sheikh said the upgradation of outlook is affirmation of government’s success in stabilizing the country’s economy and laying a firm foundation for robust long term growth.