Minister for Information and Broadcasting Chaudhry Fawad Hussain said on Friday that Pakistan stock market has earned highest aggregate profit worth Rs258 billion.
In a tweet, the minister said that Pakistan stock market earned highest profit in ten years despite coronavirus pandemic.
Rs258 bn aggregate profits: Pakistan stock market claims highest profit in 10 years…… and This huge success is achieved despite pandamic #Covid https://t.co/sXYZbHluH5
— Ch Fawad Hussain (@fawadchaudhry) January 7, 2022
“Rs258 bn aggregate profits: Pakistan stock market claims highest profit in 10 years… and This huge success is achieved despite pandamic COVID19,” tweeted Federal Minister.
Minister for Information and Broadcasting Chaudhry Fawad Hussain on Wednesday said with 18 percent profit, the Pakistan Stock Exchange (PSX) remained the ‘most profitable’ among the world’s markets.
Rs258 bn aggregate profits: Pakistan stock market claims highest profit in 10 years pic.twitter.com/qE2iqnKs5y
— Shaukat Tarin (@shaukat_tarin) January 7, 2022
Minister for Finance and Revenue Shaukat Tarin tweeted, “Rs258 bn aggregate profits: Pakistan stock market claims highest profit in 10 years.”
The companies listed at the PSX paid dividends amounting to around Rs 272 billion to their shareholders in 2020, while that profit touched the mark of Rs 498 billion in 2021, he added in a tweet.
Read more: PSX honors Fauji Fertilizer as a member of the ESG task force
The minister also tweeted the list of companies at the PSX showing remarkable growth in the dividends paid during the last two years.
The economic damage
Mid 2021 gave a brief reprieve from the pandemic, allowing the Pakistani government to postpone future large-scale lockdowns until the second and third waves of the pandemic. Was there a total return to pre-lockdown levels because of this? Without a doubt, the period of relief following the first wave resulted in a strong recovery for residents.
The recovery, however, has been incomplete. Around 3 million residents were unable to reclaim their occupations a quarter after the initial wave of lockdowns ended and average income remained 5.5 percent below pre-lockdown levels in November 2020.
Read more: Did economic factors impact the recent PSX rally?
This can be problematic for two reasons. First, available data does not account for the impact of the second and third waves’ lockdowns. The improvements gained during the period of respite are likely to have been hampered or reversed because of these lockdowns. Second, an incomplete recovery a quarter after the first wave of lockdowns ended raises fears that structural unemployment has risen.
APP with additional input by GVS News Desk