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Pakistan stock market witnesses upward trend

Syed Umarullah HussainiWeb Editor

23rd Jun, 2020. 12:16 pm
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Pakistan stock

Pakistan stock market witnessed an upward trend on the second day of the business week. The KSE-100 index was at 33,737 points at the start of trading.

During the first hour, the 100 Index was up 251 points at 34,012 points. The KSE 100 Index traded 31,978,308 shares in the first hour, valued at 1,342,453,983 in Pakistani rupees.

The Pakistan stock market closed at 33,737.92, up 298 points on Monday. A total 161,290,027 shares traded compared to the trade 105,898,021 shares during the previous day, whereas the value of shares traded during the day stood at Rs 6.131 billion as compared to Rs3.328 billion during last trading day.

It should be noted that the situation in the stock exchange has not improved overall in the Pakistan Tehreek-e-Insaf (PTI) government.

When PTI came into power, the stock market was trading at the level of 48,000 which is now trading at the level of 34,000 after coming down to 28,000 points.

Pakistan Tehreek-e-Insaf (PTI) has not taken any major decision on the stock exchange since coming to power. They had announced a bailout package of Rs 20 billion in the form of market support fund, but then former finance minister Asad Umar was removed from the ministry.

In April 2019, the market reached a three-year low of 35,000 and the market capitalization had declined by Rs 1,200 billion.

In May 2019, loans were taken from the IMF on strict terms and the market reached the level of 34,000. In May alone, the dollar soared and the stock exchange reached 33,000.

When the government maintained the interest rate at 13.5% in July, the market reached the level of 32,000. In August, the market reached 30,000 and investors lost Rs 125 billion in one day.

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