PSX climbs on better economic prospects
Pakistan Stock Exchange (PSX) rallied in a remarkable fashion in the outgoing week when it soared to a new peak around 72,750 points as activity was fuelled by Iranian president’s visit to Pakistan and speculation about the upcoming monetary policy and new loan talks with the International Monetary Fund (IMF). Some other major positive developments on the economic front and the ongoing corporate earnings season also powered the market’s rally during which the KSE-100 index soared over 1,800 points. A significant increase in Pakistan’s current account surplus, improving foreign direct investment and a surge in investment through the Roshan Digital Account (RDA) gave investors the much-needed confidence in Pakistan’s economy. As the week commenced on Monday, Pakistan’s stock market rose to a fresh record high, fueled by robust financial results and anticipation ahead of the State Bank of Pakistan (SBP)’s monetary policy announcement on April 29.