Pakistan Stock Exchange Becomes The Best Performing Stock Market in Asia
Pakistan Stock Exchange (PSX) has been showing signs of speedy recovery as it continues to rally. The bulls are propelling it further and further every passing day. It is to be noted that PSX was termed as the worst-performing stock market in the world after it lost more than half of its value in 2017. Soon after reaching its peak in 2017, PSX started to plummet.
Even in the Imran Khan administration, PSX has been going through a turbulent period. In March, PSX took a nosedive along with various other stock markets of the world due to implications by COVID-19. Furthermore, many lay-offs and furloughs across the industrial economy led to a sharp decline in investor confidence.
However, since the decline of COVID and application of “Smart Lockdown” across the country, PSX has been back to positive rallying in terms of various stocks. Moreover, the reopening of businesses has put Pakistan’s economy back on track.
Bloomberg’s PSX Statistics highlight that the stocks gained 3.3% value since the start of the year. In addition, the PSX gained more than 41% value in 52-weeks (1 year period). Currently, the index is standing at 42,092 points at the time of writing this article with a 0.62% increase in the index.
It should be noted that PSX has been a resilient market since its inception. An economist noted that there hasn’t been a single decade where PSX has not returned a profit. Even in the most turbulent and uncertain times, PSX keeps itself in green.
Recently, Moody, which is a financial forecasting agency, reaffirmed its “Stable” rating for Pakistan’s economy. These recent statistics are bound to improve consumer confidence and reduce investor reluctance in the upcoming days.
Pakistan is also recording green on other economic ends. PM Imran reported that the current account reported a surplus of record numbers in the previous month. Furthermore, Pakistan saw the highest ever remittances in its history.
Once the pandemic of COVID is over, Pakistan may see even more success on economic and social fronts.