Pakistan Stock Exchange PSX on Friday announced that it has reached the mark of 2.28 trillion including all the total value of scrips listed at PSX. The record is said to be the highest record since 2013.
Pakistan’s currency recently has been declared as one of the best-performing currencies globally, this is not it, the currency also maintained to grab foreign investors’ attention by achieving over $100 million.
The news also came up that Pakistan Tuesday received the third loan tranche of nearly $500 million via the International Monetary Fund (IMF).
Also, news spreading around regarding Pakistan floating $2.5 billion worth of Eurobonds to build its foreign currency reserves along with the news about the resumption of trade with India helped to gain the confidence of foreign investors.
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The host of positive triggers sparked positive momentum at the Pakistan Stock Exchange (PSX), which resulted in the collection of 100 points setting the benchmark of KSE-100.
The credits for the accelerating economy of the country are also shared by increased tax collection. The Federal Board of Revenue (FBR) managed to collect around Rs3.4 trillion within the duration of nine months.
Tax charges are exceeding its already revised target and are is being collected indirectly that is accounted for over 63% of the total revenues pooled the tax machinery.
Although, after the circumstances, the Pandemic has prevailed 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.
Image credits: Techjuice
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