Staying on its bullish trajectory, Pakistan Stock Exchange (PSX) on Monday successfully continued its bullish trend in 2017 with massive induction of 517 points to surpass 48,000 level for the first time in history. By afternoon the 100-index was trading at 48,345 points.
The benchmark index closed 2016 on a positive note, and registered an 1117-point gain on December 30 to reach 47,806 points – the highest-ever levels before markets opened today. Pakistan Stock Exchange has observed a continuously-upward momentum over the past week and generally last month, as it recorded new record-highs every few days. Investors remained focused on cement and banking sectors.
“Tobacco, Food & Personal Care, and Commercial Banks were up 17.6 percent, 4.8 percent, and 2.5 percent, respectively,” becoming the biggest gainers last week.
In calendar year 2016, KSE-100 Index surged 46%, comparatively ahead of 10-year average of 20%, according to Topline Securities’ report. It posted a whopping 400% increase from 2009 to date, outshone numerous Asian markets, and came fifth in top global markets. JS Group CCO Khurram Schehzad said, “KSE-100 rose 5,185 points, or 12.2%, in the month of Dec-16 alone, making it the largest rise in the month of December since 2002.”
A rebound in the oil prices, improved safety and security measures in the country, and formal recovery of Pakistan’s Emerging Markets status by MSCI are factors that drove the bullish sentiment, and continue to do so.—INP