KSE-100 posted a return of 9.9 percent YoY.

Byline: Zubair Yaqoob

Karachi -- KSE-100 index posted a return of 9.9% YoY during CY19 while USD-based return clocked-in at -1.4%. First positive return after two years of consecutive negative returns. Barring the last couple of months, CY19 was nothing short of a horror story for the equity market with a dominating bearish trend. During the year, the KSE-100 index crashed to a 5-Yr low of 28,765pts on 16th Aug'19, which was a 22% contraction since Dec'18 and a 31% decline on a YoY basis. Stringent conditions attached with the USD 6bn IMF bailout package such as 40% higher FBR tax revenue target, currency depreciation, cap on sovereign guarantees, electricity and gas tariff hikes were the sources of pessimism during the outgoing year...