AKD’s Dhedhi Sees Scope for Pakistan Stocks to Rise 50% by JuneFaseeh Mangi and Augustine Anthony
Aqeel Karim Dhedhi, chairman of AKD Group, comments on Pakistan’s stocks and the rupee in an interview in Karachi.
On the stock market:
The country’s benchmark KSE100 Index has risen 37 percent this year, according to data compiled by Bloomberg.
“The stock market is set to continue its upward trend as the new government has taken some tough decisions, including the IMF loan deal, ending energy subsidies, increasing power tariffs and cutting corporate tax.
‘‘I see improvement in coming days and months. The difficult time is over. If you see across the board, there is no sector which is not performing.
‘‘My favorite sectors are fertilizers and banking, followed by pharmaceuticals. There is a lot of value in the market and potential to grow. I think the market should rise at least between 40% to 50% from this point by June 30.’’
On Pakistan’s rupee:
The local currency has declined 9.5 percent against the dollar this year and traded at 107.29 yesterday.
‘‘The pace of depreciation will slow in every coming quarter of the year ending June as economic indicators will keep getting better.
The budget deficit will fall to meet the government’s target or even lower after the IMF loan deal, easing pressure on the rupee.’’