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Pakistan stocks extend record streak, 100-index cross 52,000

KARACHI- Pakistan Stock Exchange (PSX) recorded appreciable gains on Monday, hitting new record high of 52,500 as buying local financial institutions and mutual funds emerged in the blue chips and selected items.

PSX 100-index, during the morning session, registered an upsurge of more than 700 points, reaching record high of 52,531 points.

Index propelled on the back of the positive development that MSCI would soon officially include Pakistan Stock Market into their index after pause of almost nine years. In 2008 when the stock market suffered crisis, MSCI pulled out the local domestic market from the index.

The announcement would arrive at Pakistani standard time around 2:00 am.

Another positive development which cemented the sentiment of investors were the recent trip of Pakistan Prime Minister Nawaz Sharif to China, where a summit under the theme “One Belt and One Road” has been conducted which assured hefty investments in Pakistan.

The growth prospects have been higher and all the international financial institutions pinned hope that the country would prosper under CPEC.

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