Karachi: Pakistan Stock Exchange has recently maintained a bullish trend and the first working day of the New Year seemed very promising. Staying on its bullish trajectory, Pakistan’s KSE-100 Index on Monday opened this year with aggressive activity. It commenced trading at 47,806 points today at the opening bell, and peaked to reach 48,335 points at 11:31 AM, rising 529 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.
As per a local business daily report, “Tobacco, Food & Personal Care, and Commercial Banks [industries] 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.
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.