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PSX sees addition of historic 1,800 points in a week

KARACHI (Dunya News/Reuters) – Stock exchange closed at the highest 38,776 points at the end of this trading week, reported Saturday.

The market went on to break all previous records after news about inclusion in MSCI key benchmark broke. 1,800 worth of points were added in the market within a week.

On average, the stock exchange did a business worth of Rs 13 billion each day this week.

It gained 5 percent on the week, its best weekly gain since the first week of July 2013, when it rose 5.6 percent.

Pakistan’s benchmark index jumped as much as 3 percent in early trade on Wednesday, climbing to a record high after the country’s stock market was reclassified overnight and included in the MSCI’s emerging market index category.

Research firms estimate the MSCI upgrade will result in about $400 million in inflows into Pakistan’s stock market by passive tracker funds alone.

There was a significant decline in market participation, with 105 million shares changing hands compared with 192 million on Thursday.

Banks were the best performers, rising 12.3 percent on the week, followed by cement sector stocks which gained 6.2 percent.
K-Electric and Habib Bank Ltd led the volume charts, with K-Electric closing 0.12 percent higher, while HBL was up 4.76 percent.

Traders did not hold back despite tensions at the border with Afghanistan and political instability as claimed by some sections.