PSX index hits new high, 100-index touches 51,488 points

KARACHI (Dunya News) – Pakistan Stock Market 100-index touched record high levels on Tuesday as fresh buying spurred in the choice scrips belonging to oil, gas, automobile banks and cement stocks.

The Pakistan Stock Market 100-index made an intra-day trading high of 51488 points, and currently trading around 51286 points, with gain in excess of 350 points.

Financial institutions and mutual funds were the major contributors and buying from the locals has helped index to gain momentum. In the last three sessions, the index has climbed by more than 2000 points, which has been phenomenon.

The main factor behind this appreciation has been official announcement from the MSCI, including Pakistan Stock Market in the most prestigious group of indices.

The inclusion of the PSX would bring fresh inflows in the local stock market and according to the market observers the investment from the fund houses would range from 400 million dollars to 500 million dollars. Official announcement from MSCI is expected to May 15, and trading would commence from June 1, 2017.