KARACHI: The prices of equities surged at Karachi Stock Exchange (KSE) as its benchmark KSE 100-share Index shot up beyond the psychological barrier of 30,000 points on Thursday.
The KSE 100 Index witnessed a massive gain of 400 points to close at 30,177, as the stock market remained upbeat throughout the trading session today.
According to investors, the market capitalization swelled by whopping Rs77 billion in a single day’s trade as the ongoing buying spree picked up further momentum today.
Analysts say Moody’s forecast of Pakistan’s positive economic outlook besides investment of over 300 million dollars since July 1 by the foreign investors pushed the stock market to the new peak.
Privatisation Minister Zubair said: For the first time in Pakistan’s history, the Karachi stock index crossed 30,000 and also closed above that. Never in our history has the market grown at the pace as it has since June of last year. Both the domestic investors as well as the local investors have actively participated in taking the market where it is today. It is not speculative in any way. It is backed by solid and outstanding corporate results. Also reflects the massive confidence of the investor community (people who understand the economy) in the economic direction of the present govt.
See also: Everything else we reported on Pakistan and its future (links below)
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