KARACHI: Pakistan’s stocks have recovered all the losses caused by the COVID-19 pandemic, as Pakistan’s benchmark index, KSE-100, was the second-best performance globally in the past month, according to Bloomberg’s data.
According to the data, Pakistan’s benchmark index has gained 47 percent since reaching the lowest on March 25, 2020. The month of July was the best performing month in 17 years.
The Arif Habib Ltd’s report informed that the stock market showed an energetic performance in the first month of FY21 with the local equity bourse closing at 39,258 points, up by 4,837 points, and translating to a return of 14.05% MoM in Jul’20.
The report further said that the sentiments at the KSE-100 index were rejoiced by several rate cuts by the SBP (625 bps in total) which have once again brought equities to the forefront as the preferred asset class.
“The improvement in the domestic COVID-19 infection and recovery rates, stability in the PKR-USD parity amid monetary support from multilateral institutions, end of coronavirus induced lockdown, aided volumes and attracted investment in the market,” the report added.
Earlier today (Monday), the Pakistan Stock Exchange (PSX) continued its upward trajectory after Eid holidays as the KSE-100 index gained 613.17 points.
The KSE-100 closed at 39,871.61 points as compared to 39,258.44 points on the previous working day with a positive change of 613.17 points (1.56 percent).
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