Pakistan Stock Exchange (PSX) continued its bullish momentum on Wednesday as Karachi Stock Exchange (KSE) benchmark 100-index has surpassed 53,000 point-level psychological mark for the first time in its history during intra-day trading.
As per details available, Asia’s first and world’s fifth best equity market inducted massive 869 points during intra-day trading and reached all-time high of 53, 015 point-level mark.
Experts believe hike in cement and steel consumption as Pakistan and China have inked several bilateral accords recently under China-Pakistan Economic Corridor (CPEC). Therefore, these two sectors are performing exceptionally well in the equity market.
Likewise, $400mn to $600 foreign direct investment is being anticipated in PSX as MSCI has upgraded Pakistan’s ranking to emerging market.
Experts further believe key announcements from federal government in Budget 2017-18 aimed at continuity of economic turnaround.