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Pakistan to post 4.5% GDP growth rate this year, claims Aqeel Karim

Pakistan's projection of 4% GDP growth led PSX to make records. Aqeel claimed these are conservative figures. At the same time, PMLN's ex-governor gets fact-checked by people on PSX's performance in 2018.

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Prominent businessman, Aqeel Kareem Dedhi claimed Wednesday in Dr. Moeed Pirzada’s program ‘Hard Talk Pakistan’ that the country will post more than 4.5 percent growth in the current fiscal year. He said, “the government’s figures are conservative.” He said, we have been trying to explain people about the growing economic activities but the propaganda of opposition overshadowed the government’s performance.

He said the political instability and propaganda also suppressed the economy but as the new positive figures have come out the businesses has gained confidence and therefore, the economy will grow even faster. He said, “PM Imran Khan’s government has made he (right) policies that will help Pakistan take off.”

Stock Market on 26th May

On 26th May, Pakistan’s Minister for Planning, Development, and Special Initiatives Asad Umar went to Twitter to state the fact that the Pakistan Stock exchange has set a new daily trade volume record as the volume exceeded the previous record by 39 percent.

“New daily traded volume record set on the Pakistan Stock Exchange (PSX). Today’s volume exceeded the previous record by 39 %. Market reacting to signs of sustained recovery. The successful containment of the COVID 3rd wave. Though risk still remains. Also adding to the positive sentiment”, the minister said in his tweet.

This tweet got major support from different corners of the country.

Government Support

PTI Senator Faisal Javed Khan also tweeted on the matter informing, “Congratulations Pakistan!! Pakistan Stock Market Makes History, Crosses 1 Billion Shares. For the first time in the country’s history 1.56 billion shares traded in Stock Exchange in one day. Post which an increase of 547 points has been recorded in 100 points.”

The KSE-100 Index also increased 511 points to near the 47000 levels. According to the Business recorder, the index’s march paled in comparison to the overall volumes of the day that recorded the highest level in history, breaching the previous number recorded on February 11, 2021, when 1,125 billion shares were traded, according to Arif Habib Limited research.

Read More: PM Imran Khan praised as circular debt reduces, economy grows

One of the largest securities brokerages, investment banking, and research firms in Pakistan Arif Habib Limited went to Twitter to mention the fact as well. In its tweet, AHL said, “Today’s trading session saw the highest traded volume in a single scrip in the history of PSX. Traded volume in Worldcall Telecom Limited (WTL) settled at 707mn shares. The previous highest traded volume was witnessed in NBP (458mn shares)

Criticism

The government was criticized for highlighting PSX as an indicator for growth by the opposition.

The arguments were on these lines, as a user @uaminhas  said, “The stock market is not an indicator of the economy. It is a reflection of the cumulative public opinion regarding prices of listed companies’ stocks which is derived from many factors out of which economic growth is one.”

Among the criticism, however, PML-N’s former governor Sindh Muhammad Zubair himself highlighted certain facts, saying, “Stock market index(referring to KSE-100) was at 19000 when PMLN came in power reaching its peak of 53000 by mid-2017 – an increase of 34000 points in 4 years. Compare this with PTI’s performance- increasing just about 3000 in 3 years. It’s not even comparable. So nothing for PTI to celebrate.”

However, people fact-checked the former governor Sindh right there and then. People pointed out that the index at the end of May 2018 was at 42,846.64 points.

Even the Chairman NAVTCC Mr. Javed Hassan said, “Sir, it’s unbecoming for senior professional and ex-governor to peddle such untruths. KSE-100 was at 44,000 when PMLN left office. That’s the figure you ought to compare with. It’s easily verifiable so it’s a bit difficult to suggest otherwise. The peak means very little.”

Read More: Aliyah Hamza praised for presenting PTI’s economic achievements!

As of 2:10 PM on 27th May, the KSE-100 index is at 47,168.28 points, with a trading volume of 368,533,704.

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