PSX benchmark index breaches 50,000 barrier

KARACHI (Dunya News) – Pakistan Stock Exchange (PSX)-100 index on Tuesday briefly touched a record high level of 50,050.19 on Tuesday, before edging down, underpinned by buying in cement sector.

“It is a technical market correction; market may hover close to 50,000 level and may cross the fifty thousand mark in current or next session,” Fawad Khan, head of research at KASB Securities Private Ltd, told Reuters.

“The index performance shows the local investors’ confidence in the market.”

A delegation from a Chinese-led consortium, made up of China Financial Futures Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange and two other firms, formally signed documents on Friday to buy a 40 percent stake in the Pakistan Stock Exchange. The deal was made public in December last year.

The benchmark index soared 61 percent over the last 12 months, making it one of world’s top performing indexes.

PSX crossed 48,000-point and 49, 000-point level on Jan 2 and Jan 4 respectively as a result of which the index has gone up by 4.4% in less than a month.

PSX trading volume has soared by 32pc ever since MSCI reclassified Pakistan as an emerging market in June-2015.

In 2016 only, benchmark-100 share index witnessed an increase of over 45% in its trading volume.

… with inputs from Reuters