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The Pakistan Stock Exchange has started the week on a positive note, with the benchmark KSE-100 index gaining 1,085 points, or 2.18 per cent, by the close of trading to reach an all-time high of 50,935.
Led by commercial banking stocks, volumes surged as the benchmark index crossed the 50,000 barrier to close just shy of 51,000 points.
Bulls dominated the market as investor attention continued to be focused on the upcoming MSCI emerging-market review on May 15, according to a commercial bank analyst who chose to remain anonymous.
145 million shares changed hands in the session, with a total worth of nearly Rs16.5 billion.
Stocks of 410 companies were traded, of which 255 gained in value, 135 declined and 20 remained unchanged.
Volumes were led by:
Engro Polymer: 35m shares traded [-0.74pc];
Bank of Punjab: 18.3m shares traded [+3.20pc];
Aisha Steel Mill: 17.4m shares traded [+4.98pc];
Bank Al-Falah: 12.7m shares traded [+5.00pc]; and,
TRG Pak Ltd: 10.7m shares traded [+0.61pc].
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On DawnNews
Comments (17) Closed
May 08, 2017 04:38pm
All operational parameters are down and wonder how is this happening. Somebody is making huge huge huge money at a cost of small investors.
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May 08, 2017 04:57pm
Ah yes! But tomorrow is another day. What goes up must come down. Especially if the fundamentals of the economy do not sustain this 'irrational exuberance.'
Take profit or take cover.
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May 08, 2017 05:00pm
@MG If you think how ineffective NAB, NADRA, FBR, FIA and host of other agencies are in this country, and corruption, loot, plunder and outright thefts of billions take place every day, do you seriously believe that the Securities and Exchange Commission of Pakistan is equipped to keep an eye on the market and detect why these wild swings take place?
Welcome to 'Insider Trading'. Someone is indeed making a lot of money. It is not you and me.
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May 08, 2017 05:28pm
I love this mindset which prevails all over the society that we are not happy for gains of country if the person or system involved is not of our choice. PSX is one of the best performers in the region since many years so if there is something fishy it means all the WORLD is part of conspiracy so it is right time for concerned people to move to MARS. All estimates of PAK economy from IMF, WB, UN etc are positive. Bloomberg choose Pakistani economy as an example of most resilient economy in the region which defied all odds. CREDIT rating of Pakistan by MOODY and others are revised upward and now it is stable and mind you we started from JUNK. Being Pakistani I am happy and always little optimistic about the country. Yeas there are challenges but it does not mean that all is down to drain. Just google something to get some information apart from FB
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May 08, 2017 06:03pm
@Nomi Goraya And yet, your rosy theory does not explain why Pakistanis are joining throngs of legitimate refugees to Europe, if there country is such a gold mine??
Do you suppose they know something you don't? Or perhaps the other way round??
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May 08, 2017 06:17pm
@Naveed Look man so India is the fastest growing economy is the region so it as per your definition there must not be a single poor in the country? It takes time for economic benefits to trickle down. All the states like GDP, Credit ratings are made for this purpose and all the countries are rated as per these profiles not by thoughts and likes of me and you people. Do you think WB, IMF, UN, MOODY, BLOOMBERG are either fools or do not know anything about economy
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May 08, 2017 06:18pm
@Naveed It is not theory google my each and every claim as I have not quoted any of them from FB based information.
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May 08, 2017 06:25pm
@Naveed So what would be your theory if the PSX crashes tomorrow or even is down by more than a 1000 points tomorrow??
You seem to dwell in fool's paradise wearing rose-colored glasses. If things were so go great, than why is everyone in the country trying to grab NS's throat??
Why is NS even flying all the way to London for a routine Medical Checkup? No hospitals in the country?
Oh yes there are, you say. Just ask the US Ambassador. Tell this to the dying and thirsty in Thar, Sindh Province... Tell all those living under load-shedding why things are so bright they cannot open their eye. Tell those who get sick drinking contaminated bottled-water or poisoned meat sold in the shops they should be optimistic about Pakistan.
Ignorant people simply make me sick!
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May 08, 2017 06:31pm
Great. Look into the trend for the past 20-25 years. PSX is the best performing stock exchange in Asia. Those who have invested have earned and will keep on earning especially after inclusion in MSCI emerging market index and those who are pessimists and avoid taking risk can stay in their nests and try government bonds.
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May 08, 2017 06:35pm
@Naveed Look man you sound very familiar to me that instead of focusing on the topic lets broaden the topic since we do not know the proper answer so lets write all encyclopedia lol. Let me even try to answer if PSX crash? It will not crash as it is not bubble PSX is the best performer in the region from many years and if you would have followed it took so many weeks for index to breach 50000 margin and even currently it is hovering just at that level which very clearly indicates that it is not bubble yeas markets can go up and down depending upon the sentiments and situation it is normal. About the hospitals masses blame rulers and rulers blame masses for lowest TAX to GDP in region as for me as are the masses so are the rulers so when you call them corrupt think again. I do not live in fools paradise but I love to remain to the point and talk on facts not on emotions and we are talking about economy
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May 08, 2017 06:35pm
@Nomi Goraya Not everything on Google is gospel. And i mistrust FB and Twitter feeds even more passionately. Independent financial data is what one needs to rely on.
Ever heard of Reuters, The Economist, The Wall Street Journal or Herald Tribune??
Only lazy people simply 'google' everything and rely on any dubious site that pops up at the top.
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May 08, 2017 06:45pm
@Naveed Thanks buddy for so much nice comments about me and thanks for opening my eyes I have never hear of WSJ, NYT, WP, BBC, CNN, DW etc thanks for helping me. Now I will start collecting data and then will start Economics course so may be after 50 years or so I may be able to calculate GDP of my city. LOL WB, IMF, ADB I suppose hire economist and they have credible resources to collect the data I assume we can trust them for the time being lol
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May 08, 2017 07:20pm
@Nomi Goraya "Let me even try to answer if PSX crash? It will not crash as it is not bubble PSX is the best performer in the region from many years"
LOL!! You remind me of early 2008. No one saw the Financial Crises and Bank failures or the Housing Bubble in the US coming.
I suggest you watch the movie, "Too Big To Fail". Than you can intelligently argue on this subject.
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May 08, 2017 07:51pm
Exports declining trade deficits increasing foreign reserves are decreasing. All the signs are there that the economy is going to go down but you people keep allowing pml n to fool you. Look at what the economists are saying.
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May 08, 2017 08:20pm
Does pump and dump ring any bells!??
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May 08, 2017 08:37pm
Pakistan's new stock exchange is operating quite normally.
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May 08, 2017 08:53pm
This bubble is going to burst and small investors are going to suffer big time. It's mere speculation rather than a reflection of fundamental forecast and growth.
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