New Peaks, Budget Permitting

New Peaks, Budget Permitting Nishtar THE stock market did well last year and is likely to do still better in 1969. About the middle of February last it had dipped below its 1967 low but by the end of May it had moved beyond the 1967 peak. Few could have imagined that a sick and anaemic market could have taken such a big stride. It did all this in just two stages with a good resting period in-between. The first phase lasting from mid-February to the end of the first week of March was essentially speculative and it reflected mainly a few big speculators' firm belief that the Central Budget would be market-oriented and that there would also be a substantial cut in the Bank rate.