Finance expert Saikat Kumar reveals bullish predictions amid increasing pandemic uncertainties
The current pandemic has struck with unprecedented scale, impacting businesses across the globe as well as creating market panic in every region in the world. But while the outbreak has been a disaster for the global economy, bear markets and recessions are nothing new and that there are bright spots to be found even in sectors facing a sharp slowdown, this according to SKYCAP Investment Management Limited, a Dubai-based global financial services firm.
SKYCAP, touted as a one-stop-shop for global investors, has revealed its market predictions following the broadening fears amid the worldwide coronavirus outbreak.
Saikat Kumar, Founder and CEO of SKYCAP Investment Management Ltd., said, “This extraordinarily challenging crisis happening across the globe has obviously brought tangible economic consequences, even causing the biggest worldwide stock market losses in decades. Although markets have entered a period of extreme volatility, we think that now is exactly the right time to think about investing. This year’s biggest stock market crash is an opportune time to start building position in good quality blue chip stocks with strong fundamentals.”
Expressing cautious optimism, Kumar also said that while the exact impact of the pandemic is still unknown, history can tell us that more robust gains could play over the long term. His comments came as he shared his assessment on the future outlook of the markets.
“The small rallies that followed peak-to-through declines in multiple broad market indexes looks to be short-term, so we think we are nowhere near normal from economy’s and market’s perspective,” Kumar commented.
Citing that a number of factors still linger – including the continued rise in infected cases and worsening economic pains stemming from lockdown and job losses – the market remains in an uncomfortable structure. Kumar underscored that this is the time to be greedy about valuations. “A whole host of bargain-priced stocks are available. The aim is to buy now and hold for the long term,” he said.
Compared to a cautious tone when talking about his short-term view, Kumar expressed confidence the markets will bottom out in eight months and that a strong recovery is in the offing. His mid-term indicators for economic turn-around include government stimulus efforts that help induce liquidity in the market, easing economic jitters as the spread of infections is gradually contained, among others, which collectively augur well for excellent buying opportunities.
Capping his predictions, Kumar’s long-term outlook revealed huge upside potential with multiple times returns for new investors. “I believe this crash offers new investors with huge buying opportunities to invest in blue chip stocks and assets at much cheaper levels. The bright side to this pandemic is that investors can expect exceptional returns comparable to post-2008 recession recovery levels. Historically, it will be reasonable to expect that the market will recover well, even possibly exceeding its previous high-water mark,” Kumar said.
Daily Pakistan Global Web Desk
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 5, 2023 (Sunday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency | Symbol | Buying | Selling |
US Dollar | USD | 280.9 | 284.25 |
Euro | EUR | 299 | 302 |
UK Pound Sterling | GBP | 335 | 338 |
U.A.E Dirham | AED | 75.14 | 75.44 |
Saudi Riyal | SAR | 73.55 | 73.85 |
Australian Dollar | AUD | 192 | 194 |
Bahrain Dinar | BHD | 712.72 | 720.72 |
Canadian Dollar | CAD | 205 | 207 |
China Yuan | CNY | 39.67 | 40.07 |
Danish Krone | DKK | 39.33 | 39.73 |
Hong Kong Dollar | HKD | 34.19 | 34.54 |
Indian Rupee | INR | 3.28 | 3.39 |
Japanese Yen | JPY | 2.5 | 2.54 |
Kuwaiti Dinar | KWD | 878 | 887 |
Malaysian Ringgit | MYR | 62.83 | 63.43 |
New Zealand Dollar | NZD | 173.25 | 175.25 |
Norwegians Krone | NOK | 26.79 | 27.09 |
Omani Riyal | OMR | 696.08 | 704.08 |
Qatari Riyal | QAR | 73.62 | 74.32 |
Singapore Dollar | SGD | 204 | 206 |
Swedish Korona | SEK | 25.61 | 25.91 |
Swiss Franc | CHF | 291.69 | 294.19 |
Thai Bhat | THB | 8.15 | 8.3 |
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 205,300 on Sunday. The price of 10 grams of 24k gold was recorded at Rs176,010.
Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
City | Gold | Silver |
Lahore | PKR 205,300 | PKR 2,360 |
Karachi | PKR 205,300 | PKR 2,360 |
Islamabad | PKR 205,300 | PKR 2,360 |
Peshawar | PKR 205,300 | PKR 2,360 |
Quetta | PKR 205,300 | PKR 2,360 |
Sialkot | PKR 205,300 | PKR 2,360 |
Attock | PKR 205,300 | PKR 2,360 |
Gujranwala | PKR 205,300 | PKR 2,360 |
Jehlum | PKR 205,300 | PKR 2,360 |
Multan | PKR 205,300 | PKR 2,360 |
Bahawalpur | PKR 205,300 | PKR 2,360 |
Gujrat | PKR 205,300 | PKR 2,360 |
Nawabshah | PKR 205,300 | PKR 2,360 |
Chakwal | PKR 205,300 | PKR 2,360 |
Hyderabad | PKR 205,300 | PKR 2,360 |
Nowshehra | PKR 205,300 | PKR 2,360 |
Sargodha | PKR 205,300 | PKR 2,360 |
Faisalabad | PKR 205,300 | PKR 2,360 |
Mirpur | PKR 205,300 | PKR 2,360 |
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