It must be noted that the KSE-100 index plummeted to 77,992 points after losing 91 points yesterday.
KARACHI – Brimming with confidence after latest upgrade in Pakistan ’s credit rating by international rating agency Moody’s, the Pakistan Stock Exchange witnessed a positive trend after a hiatus which started from the start of the week followed by unrest in country.Global credit rating agency Moody’s upgraded Pakistan ’s local and foreign currency issuer and senior unsecured ratings to Caa2 from Caa3.
“Accordingly, Pakistan’s default risk has reduced to a level consistent with a Caa2 rating,” it said. The agency said Pakistan’s Caa2 rating continues to reflect the country’s “very weak debt affordability, which drives high debt sustainability risk”. On the other hand, the positive outlook reflects a balance of risks skewed to the upside. It captures the possibility that the government is able to further lower its government liquidity and external vulnerability risks, and achieve a better fiscal position than we currently expect, supported by the IMF programme, said the credit rating agency.
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