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Markets

Pakistan’s stocks outperform world’s leading stock markets, report reveals

Pakistan’s stock market surged by 30 percent or almost 10,000 points during the previous three months. The dev
21 Nov 2019
  • Pakistan’s stock market surged by 30 percent or almost 10,000 points during the previous three months.
  • The development comes as a result of measures taken by the government to stabilise the economy.

Pakistan Stock Exchange (PSX) continued to be among the top performing exchanges in the world, after Pakistan's stocks outshined world’s leading stock markets during the last three months.

According to Bloomberg, Pakistan’s stock market surged by 30 percent (almost 10,000 points) during the last three months and thus outperformed the leading stock markets. Ireland’s stock market rose by 20pc, followed by Russia’s RTS index with a 15pc increase. Furthermore, the Sweden OMX Stockholm 30 and Germany’s DAX Index increased by 14pc, respectively in the previous three months.

The report added that Pakistan’s KSE-100 Index has advanced to the highest level in seven months. The development comes as a result of measures taken by the government to stabilise the economy with a $6 billion loan from the International Monetary Fund (IMF) after a deficit blowout.

Meanwhile, the bond yields have begun to fall after peaking around 14pc mid-year, allowing investors to look at riskier options.

“Banks are rethinking their strategy. They have to look at riskier assets now,” said Soomro, who spent about a decade as a fund manager at companies including Tundra Fonder AB. “So, the stock market is a tempting bet.” He added that with stocks trading at overbought levels, it’s probably inevitable there’s a pause for breath.