Pakistan stock index crosses 21,000-mark for the first time

Investors have been pouring money into the stock market over hopes that the Nawaz Sharif-government will save the economy

The Karachi Stock Exchange benchmark index today crossed 21,000-level for the first time ever on rising hopes that Prime Minister-elect Nawaz Sharif's government would focus its efforts towards reviving the crisis-ridden economy.

Analysts said that the market had closed around 21,300 points, a surge of nearly 600 points in the Karachi Stock Exchange's benchmark 100-share index.

"Prime Minister in waiting, Nawaz Sharif has held a meeting with top economic advisers and businessmen in Lahore today to chalk out a future economic plan for the country and this apparently was well received by investors in the market today," Faisal Sheikh of Capital Investments said.

He said the sentiment was bullish in the opening trades of the second week post elections, with investors pouring money into the stock market over hopes that the incoming government will save the economy.

The Karachi Stock Exchange's (KSE) benchmark 100-share index had surged 1.35 per cent or 277.11 points to end at the 20,814.14 points level on Monday.

Analysts said that trade volume remained high throughout the day with around 350 million shares traded with foreign investors also playing a key role in the trading.

Ahsan Mehanti of Arif Habib Corp said since government was giving top priority to tackling the circular debt crisis. Increasing foreign interest in oil and energy stocks had also played a big role in boosting the market sentiment.

Samar Iqbal of Topline securities said the prices of 206 stocks had gone up showing a healthy trading trend in the market.