News

Pakistan Stock Exchange’s total trading volume reaches PKR 2.28 trillion, the highest in a decade

On Friday, the Pakistan Stock Exchange (PSX) announced that it had made a new record with the total traded value of scrips listed at PSX reached PKR 2.28 trillion in the first quarter of 2021, making it the highest value traded since 2008, 13 years ago.  The news comes as the Pakistani rupee has emerged as one of the best-performing currencies globally, and Pakistan Investment Bonds attracted the highest foreign investment of over $100 million, reflecting rising attraction for foreign investors keen to profit from returns up to 10 percent.

It is also worth mentioning that Pakistan Tuesday received the third loan tranche of nearly $500 million from the International Monetary Fund (IMF). Moreover, reports about Pakistan floating $2.5 billion worth of Eurobonds to build its foreign currency reserves, coupled with encouraging news about the resumption of trade with India, fostered optimism and boosted investors’ confidence.

Other positive indicators of the country’s economy include the increased tax collection. The Federal Board of Revenue (FBR) has collected nearly Rs3.4 trillion in taxes in nine months while also uncovering massive tax evasion and exceeding its revised target on the back of a higher collection of indirect taxes that accounted for over 63% of the total revenues pooled the tax machinery.

The host of positive triggers sparked positive momentum at the Pakistan Stock Exchange (PSX), which extended gains on Wednesday, with the benchmark KSE-100 index gaining nearly 100 points.

However, the gloomy scenario arising out of the back of rising coronavirus cases and the World Bank’s projection of Pakistan’s public debt surging to 94% of gross domestic product (GDP) in the current fiscal can reverse the gains shortly.

Read More: PSX to deploy its 5-million dollar trading system in March 2021

Sponsored
Ahsan Zafeer

A digital marketing professional specializing in content-based functional areas - Ahsan Zafeer is driven by a never-ending passion for developing, nurturing, and strategizing key content aspects. He writes extensively on tech, digital marketing, SEO, cybersecurity, and emerging technologies. He also serves as a digital marketing strategist and freelance consultant for globally oriented organizations. He tweets @AhsanZafeer

Share
Published by
Ahsan Zafeer

Recent Posts

VPN Ban Could Cost Pakistan’s IT Industry $1 Billion, Warns P@SHA

The Pakistan Software Houses Association (P@SHA) has raised alarms about the severe impact of the…

4 hours ago

WhatsApp Trials Group Chat Mentions in the Latest Status Update Feature

WhatsApp is rolling out a new feature in its latest Android beta version, allowing users…

5 hours ago

PTA Chairman Confirms No Orders for Mobile Service Shutdown

ISLAMABAD: Chairman of the Pakistan Telecommunication Authority (PTA), Major General (retd) Hafeez-ur-Rehman, confirmed that no…

5 hours ago

35,000 Students to Receive Free Laptops Under Punjab Government Scheme

Punjab Chief Minister Maryam Nawaz Sharif has announced the launch of a new initiative aimed…

6 hours ago

Meta Introduces New Features to Messenger: AI Backgrounds, HD Video Calls, and More

Meta has unveiled a set of new features for Facebook Messenger, designed to improve call…

7 hours ago

PTA Seeks Stakeholder Input on VPN Registration

Islamabad (21st November 2024): PTA hosted a stakeholder consultation on VPN registration, with key participants…

8 hours ago