Pakistan Stock Exchange’s benchmark KSE-100 index has been termed Asia’s best performing market, outperforming Asian peers with a 27 per cent surge in dollar terms this year.
Bloomberg, in a report, said, “The case for more gains is strengthening on the back of one of the cheapest valuations in Asia and the budget laying the groundwork to secure a new loan from the International Monetary Fund [IMF]. “A stable rupee and easing inflation boosting the prospect for rate cuts are other positives,” it added.
The report quoted Topline Securities as saying that the benchmark index was likely “to further extend gains by 10pc by year-end”. Regarding valuations, the report said that despite trading at a record high, the index remained cheap; at one-year forward earnings-based valuation of 3.8x — a 50pc discount to its lifetime average.
