Record Escalation For Pakistan Stock Exchange
Thursday, May 12th, 2016 6:38:21 by modousarr
Pakistan Stock Exchange (PSX) on Monday recorded an upsurge at the start of the business week, with the index climbing by 258.04 points, crossing to 36,200.
The trend continues from the previous week with the index hitting 36,000 points on Thursday, clearly showing the investor confidence in the economy.
Muhammad Sohail, CEO of Topline Securities was of the opinion that the high confidence was in anticipation of the forthcoming Annual Market Classification Review by the Morgan Stanley Capital International (MSCI) on June 14, in order to deliberate on upgrading PSX’s classification to an Emerging Market.
“Positive results are expected by market players in anticipation of the meeting and the emerging market status.”
The biggest losers of the day were Pakistan Tobacco and Indus Dyeing, while the huge gainers were the pharmaceuticals and chemicals.
MSCI which is a US-based provider of stock market indexes and portfolio analytics predicted Pakistan’s inclusion in the Emerging Markets category will be discussed in June 2016.
It is expected that the heightened status will cause an inflow of fresh foreign investment and opportunities to Pakistan in the future. Reports last week state that foreign fund managers had given positive views to the MSCI with regards to Pakistan’s qualification to be reclassified as an emerging market.
“A market correction of 2,000 to 3,000 points can be expected,” said Sohail, in case the upgrade falls through, bringing PSX to the low 30,000-point range.
By 2:18pm, the market settled at 36,233 points following an initial high in the morning of 36,305.24, a 0.72 percent change.
Short URL: https://www.newspakistan.pk/?p=52919
Posted by 
