Govt's economic package boosts traders' confidence in PSX 

KARACHI: Pakistan Stock Exchange (PSX) on Thursday showed bullish trend as 100 index gained recorded a gain of 231 points, ARY News reported.

The traders showed their confidence after the Pakistan Tehreek-e-Insaf (PTI) led federal government tabled an economic package yesterday.

The 100 index was closed at the level of 40,289 points. The 100 index has recorded a gain of as many as 3,223 points from January 1 upto date.

The economic activities in the PSX are gearing up after the financial aid from the Saudi Arabia, United Arab Emirates (UAE) and China’s consent to help Pakistan to face this crunch economic situation.

Read more: Bulls remain in control as the PSX surges by 929 points on first trading day of 2019

Investors are hoping that the market would perform better as the biggest challenge to the economy – the current account deficit – has started narrowing down.

Banks and oil and gas exploration firms, which carry almost 40% weight in the benchmark KSE-100 index, would help the index perform better in the year 2019, analysts say.

PSX in 2018

Pakistan Stock Exchange, widely regarded as a barometer of the country’s economy, in 2018 shattered the investor confidence following wide-ranging upheavals in the political landscape and global economic condition.

Importantly, one federal budget did not prove to be enough for the country as a mini-budget followed soon after the PTI assumed the office in August this year.

The year 2018 started with PSX 100 index at 40,471 points but lost over 2,000 points by the end of the year. Prices of different companies’ stocks declined by more than Rs700 billion.