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Pakistan Stock Exchange crosses 46,000 mark after 33 months

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Pakistani stock exchange benchmark KSE-100 crossed the 46,000 mark on Wednesday after nearly three years. Experts say the reason for the increase is improving economic indicators.

Remittances have exceeded $ 2 billion for seven consecutive months and the current account has been in surplus for five consecutive months, noted Ahmed Lakhani, analyst at JS Global Research. Economic indicators are improving and the index rise was already expected.

Large-scale manufacturing rose 14.5% in November and the forecast is that the numbers for December and January will also be robust, he explained.

Market expectations are that the index will reach some 52,000 to 55,000 points by the end of the year, Lakhani said.

There is comparative political stability at the moment, which strengthens market sentiment, according to the analyst.

Pak-Kuwait Investment AVP Adnan Sami said improving economic indicators had a key role to play in the rise of KSE-100.

People tend to make investments early in the year, according to Sami. After a turbulent year, investors are back.

The news to solve the energy sector’s circular debt problem, now resuming the IMF program and strengthening the rupee against the dollar has also improved market sentiment, he said.

The energy, banking, steel, cement and auto sectors have all performed well, Sami added.

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