KARACHI – The Pakistan Stock Exchange (PSX) climbed by 258.04 points, crossing 36,200 on the first day of the week witnessing a record surge.
As the index touched 36,000 points on Thursday, this bullish trend seems to be continued from the previous week giving an indication of investor confidence in the economy.
The biggest losers of the day were Pakistan Tobacco and Indus Dyeing, while pharmaceuticals and chemicals were the biggest gainers. MSCI had hinted last year that Pakistan’s inclusion in the Emerging Markets category will be discussed in June 2016. It is a US-based provider of stock market indexes and portfolio analytics.
Fresh foreign investment and opportunities to Pakistan are expected to result from this market surge. According to last week’s reports, foreign fund managers had issued positive views to the MSCI regarding Pakistan’s qualification to be reclassified as an emerging market. “A market correction of 2,000 to 3,000 points can be expected,” said Sohail.
As of 4.38 pm, the market is stable at 36,234,99 points since the initial high in the morning of 36,305.24.