Economy about to enter growth phase, claims Asad Umar

By: News Desk
Published: 05:07 PM, 25 Oct, 2020
Economy about to enter growth phase, claims Asad Umar
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Federal Minister for Planning, Development and Special Initiatives Asad Umar on Sunday said the country’s economy had achieved stabilization and was now moving into the growth phase.

In a tweet, Asad Umar said “Strong earnings being reported by companies listed on Pakistan Stock Exchange (PSX) reflect that stabilization having been achieved, and economy is moving into the growth phase.”

The minister pointed out that a record 10 new Initial Public Offerings (IPOs) were also being planned by companies for listing on stock exchange this year.

He tweeted in response to a tweet by the Chief Executive Officer (CEO) of Arif Habib Limited Shahid Ali Habib who said that the companies in PSX had so far witnessed an outstanding performance.

He informed that so far as many as 83 companies of the PSX had announced quarterly (July-Sept) results showing an average earnings growth of 51 percent, year-on-year.

Further, he said 43 companies’ earnings increased by 46 percent during first quarter of current fiscal year compared to same period of the last year.