Pakistan Stock Exchange rally epitomises investor confidence
NOVEMBER 17, 2023
Published in: Islamabad Insider
After a tumultuous few years which rocked Pakistan’s economy, the stock market is now at its highest ever recorded 57,000 points.
This comes after the Interim Government alongside the military establishment took measures to solve fundamental problems in Pakistan’s economy.
Just as the PDM government relinquished power, a single US dollar was selling upwards of 330 rupees in the open market which even at this price was difficult to source.
After the approval of the $700 million tranche under the IMF-Pakistan standby agreement, the Pakistan Stock Exchange (PSX) witnessed a surge of 308 points, reaching a new milestone of 57,700 points for the KSE-100 index. pic.twitter.com/GjHH4hdU5d
— Economy.pk (@pk_economy) November 17, 2023
The situation led to a crackdown on all illegal activities within Pakistan’s economic system including curbing down smuggling of foreign exchange, fuel and other goods.
Illegal aliens residing in Pakistan without any permission from the State were also repatriated back to their own countries.
This development positively contributed to the White Economy as now more money will be placed in Pakistani banks by residents rather than hoarding cash and using it in the Black Economy.
#KSE100 #PSX #PakistanStockExchange #sharemarket
— Zafar Securities (@ZafarSecurities) November 17, 2023
For more Details: https://t.co/KYQKNpz1gY
PSX Pakistan Stock Exchange Market Recap 17,November,2023#stockmarket pic.twitter.com/EFqdtg1rDf
Fuel prices have seen historic reductions which were unimaginable for the people of Pakistan just months ago.
After the historic reduction of 40 rs per litre in fuel prices, many analysts predicted that the government would increase prices in the next review.
However, the analysts were proven wrong and petrol and diesel prices further decreased, adding stability to the economy.
But the biggest development is the unprecedented rally in Pakistan Stock Exchange which has swelled up to 57,000 points, showcasing how Pakistani equities are being considered as optimal investment products.
Despite a high interest rate, an increase of investment in Pakistani stocks reflects how previously the market was significantly undervalued and is now moving towards course correction.
The credit for these positive economic developments are being given to the interim government as well as the military establishment since they have worked day and night to benefit the common Pakistani who is still trapped by inflation.
Pakistan stock exchange crossed 56000 bar
— Zeeshan Malik (@ZeshanMalick) November 13, 2023
ابھی تو صرف نواز شریف صاحب آئے ہیں تو سرمایہ کاروں کے اعتماد بحال ہوگئے ہیں جس دن نواز شریف صاحب نے وزیر اعظم کا حلف لینا ہے اس دن تمام ریکارڈ ٹوٹ جائیں گئے انشاءاللہ#OnlyNawazSharif pic.twitter.com/sBRlGivXRv
The measures conducted by General Asim Munir will fundamentally benefit Pakistan’s economy for the decades to come.
Smooth dealings with the IMF also reflect how Pakistan’s international leverage is getting stronger and the world is acknowledging Pakistan’s efforts to solve its economic crisis.
After disastrous governments by both PTI and PDM, the present Interim government has significantly outperformed political governments, causing people to question whether politicians should make major economic decisions.
Because of these efforts, political parties are now also focusing more on the economy to benefit the people of Pakistan rather than being stuck in their own personal vendettas.
