Friday, May 31, 2024

Pakistan Becomes ‘Second Best Stock Market in World’

On Friday, Pakistan’s primary stock index reached a six-year high, driven by investor optimism that the strengthening currency would alleviate inflationary pressures.

The KSE-100 Index increased by 0.9% to reach 50,673.04, marking a monthly gain of around 10%. It is now the second-best performing out of more than 90 global equity indexes tracked by Bloomberg.

The index’s price-to-earnings ratio for the upcoming year is still at 3.2, while the ratio for the MSCI Frontier Markets index is 8.8.

Faisal Bilwani, the head of international sales at Alfalah CLSA Securities Pvt., mentioned, “The recent recovery in the Pakistani rupee, indications in the secondary debt market pointing towards peak interest rates, and inflation data will encourage fresh investments in equities at the current highly attractive prices.”

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