KARACHI – Pakistan Stock Exchange hits highest level of 2019 over mediareports of $2 billion investment.
Pakistan’s stock market’s benchmark KSE 100-share Index on Wednesdayfurther propelled by 234 points and stormed past the 40,000-level. Theindex rose to 40,023 points during early trading hours.
After Chinese investors expressed keen interest in pouring at least $2billion into Pakistan’s stock market, PSX Chairman Sulaiman S Mehdi at apress briefing on Friday stated: “Small Chinese stockbrokers having $52billion in assets under management have shown interest in investing atleast $2 billion in shares at the Pakistan Stock Exchange (PSX).”
However, yesterday, the stocks witnessed bearish trend as KSE-100 indexclosed at 39,788.73 points with a decline of 335.49 points. The PSX recededback to under 40,000 mark after crossing the barrier in around 10 months onMonday.
A total of 286,769,650 shares were traded on Tuesday, whereas the value ofshares traded during the day stood at Rs11.75 billion as compared toMonday’s value of Rs13.75 billion.
Total 381 companies performed transactions of shares in the market, out ofwhich 143 recorded gain and 228 sustained losses whereas the share price of10 companies remained unchanged.
Read Top Stories
On Sunday, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikhsaid the recent strong performance of Pakistan’s stock market was proof of“increasing investor confidence on stabilisation measures” employed by thePakistan Tehreek-e-Insaf (PTI)-led government.
In a tweet, the premier’s aide stated that the 14.9 per cent gain of theKSE-100 Index in November was the highest one-month return over the pastsix years.
“The KSE-100 index is up by 14.9% in November 2019, highest one monthreturn after May 2013. Since 16 August 2019, the index increased by 36.6%(10,500 points),” said Mr Shaikh.
