Pakistan stocks gain 10% in 2019
The Pakistan Stock Exchange ended 2019 on a positive note following two consecutive years of losses.
The KSE-100 index closed 2019 with a positive return of 9.9 per cent after posting an eight per cent loss in 2018 and 15 per cent in the previous year. The market has gained 42 per cent after touching its low of 28,765 points on August 16, 2019.
On Tuesday, the index closed 0.37 per cent lower at 40,737 points as the market has been witnessing profit-taking over the last few sessions ahead of holiday season. Also, the market is also looking for some positive news that can drive the equity market in the coming weeks. In absence of any good news, the market will remain stagnant.
Samiullah Tariq, head of research at Arif Habib Limited, said the market attracted $1.428 billion (Dh5.24 billion) in Treasury Bills last year.
"First net inflow of $58 million from foreign investors was recorded after 4 years of outflows. In 2015, outflows of $315m were recorded during 2015, $339m during 2016, $488m during 2017 and $537m during 2018," he said.
Average trading volumes during 2019 were settled at 159 million - a fall of 14 per cent - while average traded value clocked in at $39 million.
The Pakistani rupee has also stabilised now at $155 versus the US dollar after hitting an all-time low of 164 during June 2019. Similarly, foreign exchange reserves also increased 50 per cent since June 2019 to $10.9 billion.
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