Pakistan stock market crosses 45,000-point mark as market stays bullish

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 the new record-high at 45,487 points at 3:45 PM.

The benchmark index closed up 1.44% at 45,387 points today. 195,261,880 shares were traded in the market hours.

In the morning today, JS Global CCO 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.

As of midday trading hours today, Aisha Steel Mill, B.O.Punjab., and Pak Int.Bulk were the most-traded stocks, at Rs. 15.96, Rs. 17.90, and Rs. 33.67 per share.