Pakistan Stock Exchange closes above 50,000 points

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The Pakistan Stock Exchange (PSX) crossed the 50,000 point barrier at day end on Thursday amid a bullish trading session witnessed during the day.

The KSE-100 index closed at a record level of 50,192 points, after an increase of 435 points.

On Tuesday, the KSE-100 index tested the 50,000 barrier in intraday trading for the first time in its history, before closing at 49,969 points.

Pakistan’s economy has rebounded in recent years, with improving security across the country fuelling economic growth.

Sentiment was further buoyed by China’s plans to invest $57 billion in a network of roads, railways and energy infrastructure across Pakistan.

Pakistan was the world’s fifth highest-returning stock market in 2016, but the growth was driven by local investors, with the bourse eager to attract more foreign inflows.

Earlier in December, a Chinese consortium had acquired a 40pc stake in the PSX.

The consortium comprises three Chinese exchanges — China Financial Futures Exchange Company Limited, the Shanghai Stock Exchange, the Shenzhen Stock Exchange and two local financial institutions – Pak-China Investment Company Limited and Habib Bank Limited.

At least 17 entities in all had expressed an interest in the PSX, whose benchmark stock index was one of the best performing indices worldwide in 2016.

The PSX now plans to offer 20pc of its own shares to the public, officials said.

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