Pakistan's 100 Index crosses 46,000-point milestone

Continuing on its persistently-bullish trend, Pakistan’s KSE-100 Index crossed the 46,000-point mark during midday trading hours on Tuesday, closing at 45,857. The benchmark index had hit its 45,000-point milestone last Friday.

KSE-100 index jumped 470 points on Tuesday.

On Tuesday, 193 million shares – worth Rs. 17.6 billion – swapped hands.

In related news, oil prices rose on the back of non-OPEC countries’ approval to slash production. Brent crude – the global benchmark – climbed to peak at $57.89 a barrel during yesterday’s session – which represents the highest level since mid-last year.

Russia-led non-OPEC members have decided to bring down the output level by 558,000 barrels a day (bpd). This comes as an attempt to push up prices – part of a deal that is the non-OPEC members’ first one since 2001, and their largest contribution as well, Reuters reported.

On December 9, JS Global CCO Khurram Schehzad noted the new record-high, and explained that the continuous uptrend is a positive indicator, given how forex outflow is adverse for investor sentiment. He said, “Pakistan equities (KSE-100) have now yielded a year-to-date (YTD) return of a massive 40.2% (40% in USD).”

In addition, Pakistan expects major foreign inflows soon, as it is scheduled to recover its Emerging Market status in May 2017, according to MSCI.