Pakistani stocks ended at a record high on Thursday, with the benchmark 100-share index of the Karachi Stock Exchange closing up 0.86 per cent, or 281.53 points, at 33,117.47.
Recovery in global oil prices helped the index cross the 33,000 milestone for the first time ever.
Oil stocks rallied after many days as Pakistan Oilfields Ltd, Pakistan Petroleum Ltd, and Oil and Gas Development Co Ltd gained, said Samar Iqbal, a dealer at Topline securities.
Pakistan Oilfields rose 3.27 per cent to Rs 381.48, while Pakistan Petroleum ended up 2.12 per cent at Rs 182.31.
The rupee closed steady at 100.70/100.75 against the dollar, compared with the previous close of 100.70/100.77.
Overnight rates in the money market remained flat to 9.50 per cent.
Meanwhile, commenting on the record breaking by the KSE, business leaders said the record high of 33,000 points was a result of the vibrant and effective political, social and economic policies of the government.
Lahore Stock Exchange (LSE) former chairman Asim Zafar said that stock markets were witnessing bullish trend because of approval of 21st Amendment and setting up of speedy trial courts for elimination of terrorism; political stability; reduction in prices of petroleum products and electricity as well as prime minister’s successful visit to Bahrain. “This ideal situation has resulted in jacking up the KSE’s points beyond 33,000,” he added.
Asim Zafar said that unity among all segments of society and political parties against terrorism was widely welcomed by the local and foreign investors. And new investments, he said, were coming into country while foreign funds had also started investment as they were observing political stability in Pakistan.
The former LSE chairman said that keeping in view the low interest rate, the investors tilt was now towards investment in stock markets instead of depositing their money into banks that was also one of the reasons improving the stocks.
Former LSE director and Senior Member Javed Iqbal said: “For the first time in Pakistan’s history, the KSE-100 Index crossed 33,100 points, and it is a clear manifestation of local and foreign investors’ confidence in the policies of present government that introduce business-friendly initiatives.”
Federation of Pakistan Chamber of Commerce and Industry (FPCCI) President Mian Muhammad Idrees termed the new KSE-100 Index record as historic success of the government. He said that passage of 21st Amendment and speedy trial courts would eliminate terrorism from Pakistan that would improve overall law and order situation that was a prerequisite for investment and businesses.
The FPCCI president said that stable and vibrant economic environment would also help resolve social and economic problems as well as early completion of requirements for speedy dispensation of justice.
Former senior vice president of Lahore Chamber of Commerce and Industry (LCCI) Abdul Basit said that Pakistan was an ideal country for investment since the stock markets here were providing maximum profits than any other country of the world.
