PM Khan’s victory set to revive ‘bullishness’ in Pakistan markets: Bloomberg News

NEW YORK, Mar 09 (APP):Prime Minister Imran Khan’s vote of confidence in the National Assembly gave a boost to his government and “may help lure investors to its equity markets,” according to Bloomberg, a New York-based international news agency focusing on coverage of developments in business and financial fields.
In a dispatch on Prime Minister Khan’s victory, Bloomberg said it could help Pakistan recover economically from the pandemic-induced contraction with the help of the International Monetary Fund’s $6 billion loan programme.
“With U.S. President Joe Biden urging allies to uphold democracy, stability in Pakistan is an advantage in the region, which is already reeling from a coup in Myanmar,” the agency said.
“For the next six months I see a clear road of bullishness,” Ayub Khuhro, chief investment officer at Faysal Asset Management Ltd., was quoted as saying in the dispatch. The fund manager will be buying stocks, he said.
The KSE-100 Index has risen about 68% since March 25 2019 when countries went into lockdown, it noted.
The dispatch pointed out that PM Khan voluntarily sought the confidence vote after his finance minister Abdul Hafeez Shaikh unexpectedly lost an election for a Senate seat to an opposition. He secured 178 votes hen 172 were required for the confidence vote.
“Political uncertainty has decreased because of this,” said Amjad Waheed, chief executive officer at NBP Fund Management Ltd., the nation’s largest fund manager with 170 billion rupees ($1 billion) in assets. “It can never end in Pakistan. It’s a favorite pass time to talk about politics. We don’t talk about health, education or anything else.”
“For the last couple of years, politics was not an active variable but now we will need to follow it,” Muhammad Asim, Chief Information Officer at MCB-Arif Habib Savings and Investments told Bloomberg by phone.

 

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