KARACHI: During early trading hours on Friday, Pakistan’s KSE-100 Index achieved the 45,000-point milestone. The market opened at 44,741 points, hitting 45,015 points at 9:38 am, and is still on an upward trajectory.
It looks like the benchmark index is on way to set another new record-high today. As of 10:56 AM, it is up 1.09% at 45,230 points.
JS Securities analyst Khurram Schehzad commented on the news. He stated that the index has crossed “45,000 mark for the first time in history. [It has] yielded a year-to-date (YTD) return of a massive 37% (28% in USD). The return has been phenomenal despite massive foreign selling observed during the year so far (YTD foreign outflows USD 219mn).”
Schehzad went on to explain that this is a positive signal, given forex outflow being an adverse element for the investor sentiment. The country forecasts major foreign inflows soon, as it is scheduled to recover its Emerging Market label in May 2017, according to MSCI.
In other news, based on Pakistan Stock Exchange’s (PSX) intention to demutualize itself wherein it is required to divest 15-40% of its total holdings, three Chinese bourses disclosed interest to acquire a combined 40% stake. A source familiar with the matter mentioned that the parties comprise Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange, and China Financial Futures Exchange.
However, PSX hopes to attract additional expressions of interest.
KSE-100 Index closed up 247 points yesterday, and more than 135 million shares were traded during the market hours. Stocks of 384 companies exchanged hands yesterday, of which 129 experienced gains, whereas 235 declined.
Once again, Commercial Banks led the sectors in trading, and was followed by Cement. Most traded stocks were Aisha Steel Mill, Dewan Motors, and Invest Bank.