Pakistan’s journey towards sustainable growth remains unimpeded as clearly demonstrated by the performance of the Pakistan Stock Exchange (PSX) and other economic developments.
PSX says bulls rule KSE-100 throughout the week. The KSE-100 index went up by over 4.65 percent during the week ending on November 8.
The bullish sentiments ruled the PSX during the whole trading week, lifting the KSE-100 index by 1600.55 points to 35,978.16 points on the last trading day compared to its positioning at 3,477.61 points on last Saturday, the stock market reported.
Throughout the week, the bulls rule the KSE-100 and there was not even a single trading day that had allowed bearish trends to slash the pace of bullish growth. The weeklong performance shows the index positively growing 899.85 points (2.62%) on Monday; 80.85 points (0.23%) on Tuesday; 295.02 points (0.83%) on Wednesday; 105.19 points (0.30 %) on Thursday and 219.64 points (0.61 %) on Friday.
On the other hand, the International Monetary Fund (IMF) mission also concluded review of Extended Fund Facility (EFF) successfully by the weekend, which is positive for Pakistan. The global financial agency confirmed that Pakistan met criteria set for the first quarter by margins, hence, a staff-level agreement was reached at the first review.
In its statement, IMF said that all performance criteria for end-September were met with comfortable margins and progress continued towards meeting all structural benchmarks, with the government’s policies had started to bear fruit, helping to reverse the buildup of vulnerabilities and restore economic stability.
In an another development, the Consumer Price Index eased in October and stood at 11% compared to the same month of previous fiscal year, as reported by the Pakistan Bureau of Statistics. The total liquid foreign reserves held by the country stood at $15,517.9 million as on November 1, 2019, according to the State Bank of Pakistan.
The breakup figures show that the foreign reserves held by the State Bank stood at $8.357.6 million whereas the net foreign reserves held by commercial banks stood at $ 7,160.3 million. There had been increase of $443 million in the State Bank reserves to $8,357.6 million during the week ending November 1, 2019, showing positive journey towards economic stability.