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