Pakistans stocks outperform world stock markets in 3 months: Bloomberg

Pakistans Stocks Outperform World Stock Markets In 3 Months: Bloomberg

Muhammad Irfan1 month agoThu 21st November 2019 04:33 PM

Pakistan stocks have outperformed the worlds leading stock markets during last three months due to governments steps to stabilize economy, Bloomberg reported

ISLAMABAD, (UrduPoint / Pakistan Point News – 21st Nov, 2019 ) :have outperformed theworlds leading stockmarketsduring last three months due togovernments steps to stabilize economy, Bloomberg reported.

The report said that during previous three months,Pakistans stockmarketsurged by 30% whileIrelands stockmarketincreased by 20% followed byRussiaRTSindex with a positive change of 15%.

The rally that has helpedtrounce the rest of theworldin the past three months is not done yet, according to one brokerage.

Large investors, including mutual funds and insurers, are expected to jump in as double-digit returnsfromfixed income have begun to ebb away, A.A.H Soomro, managing director at Khadim Ali Shah Bukhari Securities Pvt. said in an interview with the US based magazine Bloomberg.

Pakistans KSE-100 Index has advanced to the highest level in seven months, after falling to the lowest in almost five years inAugust, amid attempts by thegovernmentto stabilize the economy with a $6the International Monetary Fund after a deficit blowout. At thesametime,bondyields have begun to fall after peaking around 14% mid-year, making debt investments less attractive.

They have to look at riskier assets now, said Soomro, who spent about a decade as a fund manager at companies including Tundra Fonder AB. So, the stockmarketis a tempting bet. Withstockstrading at overbought levels, its probably inevitable theres a pause for breath, Soomro said. The rally will resume as more investors come in. The KSE-100 fell on Wednesday after five straight days of gains.

Foreign investors have bought $64millionof the nationsstocksthis year, set for the first annual inflow since 2014. Their purchases will gatherafter the nations next review by theFinancial Action Task Force, Soomro said.

To read about how 13% return on debt promptedPakistaninvestors to shun equitiesPakistanmade just enoughprogresson global anti-money laundering and counter-terrorism financing standards inOctoberto escape being placed on a blacklist. Still, the watchdog asked the nation to complete its action plan byFebruary.

London-basedOxfordFrontier Capital bought about a 40% stake in KASB Securities to relaunch the brand that was once the largest domestic brokerage inPakistan. U.K.-based Sturgeon Capital also acquired a minor stake in KASB earlier this year.

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