ISLAMABAD: Pakistan’s stock market recorded more than 2 percent weekly gains as it closed the weekend trading session gains on Friday, a Karachi-based securities firm said, attributing it to positive developments regarding Pakistan’s $7 billion International Monetary Fund (IMF) program.
While the benchmark KSE-100 index shed 327 points on Friday to close at 119,405 points, it witnessed a 2.5 percent growth in its volume during the week.
“This gain can be attributed to buying by mutual funds on favorable IMF program review, government’s efforts to resolve circular debt, lower electricity prices and rebound in cement prices,” Topline Securities said in its weekly review.
The Washington-based lender put all speculation about its negotiations with Islamabad to an end, when its mission chief, Nathan Porter, said last week the two sides had made “significant progress” toward reaching an accord.
The South Asian country, currently bolstered by a $7 billion facility from the IMF granted in September, is navigating an economic recovery path.
Other developments during the outgoing week were Pakistan’s current account deficit for Feb. coming in at $12 million and the T-Bill where participation of Rs1,575 billion was seen, with government raising Rs392 billion as against target of Rs800 billion.
“Increase in investor participation was observed during the week as average daily traded volume and value stood at 508 million shares (up by 51% WoW) and Rs31.5 billion (up by 43% WoW) respectively.
Pakistan stocks record 2.5% weekly gains on hopes of favorable IMF review
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Pakistan stocks record 2.5% weekly gains on hopes of favorable IMF review
- Pakistan, currently bolstered by a $7 billion facility from the IMF granted in September, is navigating an economic recovery path
- The country’s current account deficit for Feb. coming in at $12 million and T-Bill where participation of Rs1,575 billion was seen
‘Confident’ Pakistan ready for India blockbuster after USA win
- Pakistan carry momentum into Sunday’s clash after back-to-back World Cup wins, series sweep of Australia
- Players dismiss Pakistan’s poor ICC record against India, saying past results will not shape the outcome
COLOMBO, Sri Lanka: Pakistan warmed up for their blockbuster T20 World Cup clash against India with a 32-run win against the USA on Tuesday then declared they were “confident” of taking down their bitter rivals.
The Group A win was a boost for Pakistan before Sunday’s high-octane clash with the defending champions in Colombo, now back on after the Islamabad government called off a boycott 24 hours previously.
Opener Sahibzada Farhan, who top scored with 73 in the USA win, said: “The match is on and we are in a confident mood.”
Pakistan have a dismal record against India in ICC tournaments, winning only once in eight encounters in T20 World Cups and have lost all eight times that the sides have met in the 50-over World Cup.
In last year’s T20 Asian Cup, India beat Pakistan three times on their way to lifting the trophy in Dubai.
Spinner Tariq Usman, who took 3-27 against the United States, said those stats did not bother him.
“We used to beat India in the 1990s and before so don’t count the recent record or only the ICC event record, we used to win against them frequently,” said Tariq.”
Farhan promised: “This time it will be different and we will give a strong performance.
“We lost all three matches including the final to India in the Asia Cup but they were not one-sided.”
Farhan said two wins out of two in the World Cup, the first was against the Netherlands on Saturday, had kick-started Pakistan’s campaign.
Pakistan came into the tournament having beaten Australia 3-0 in a home T20 series and Farhan said the mood around the camp was very positive.
“Wins always give you confidence and we will take this confidence into Sunday’s game and we assure you we will be a better side come Sunday,” said Farhan.
India will face a second Group A match against Namibia on Thursday in New Delhi before flying to Sri Lanka.
It means a quick turnaround for Sunday’s match, the biggest and most lucrative clash in world cricket.
