Karachi stock market crosses 26,000 points

Written by Reuters | Karachi | Updated: Jan 4 2014, 20:16pm hrs
Karachi Stock exchangeA man reads a newspaper while sitting below an electronic board displaying share prices at the Karachi Stock Exchange. (Reuters)
The Karachi Stock Exchange broke the 26,000-point barrier today gaining nearly 84.53 points during the day, highlighting hopes from investors that Pakistan's economy will improve in 2014.

The KSE benchmark 100-share index crossed the record 26,000-point level and at one time was trading at 26,122.16, up 159.98 points or 0.62 per cent with a handsome turnover of 57.4 million shares.

"This positive trend is being witnessed because investors are looking with high hopes to 2014 being a good year for the Pakistan economy," Intikhab Ahmed of Capital One Investments said.

He said that the positive trend was also possible because there was fresh institutional buying throughout this week with the start of new season.

"Investors have lot of hopes from the Nawaz Sharif government and they want to see stalled privatisation programme restarted this year," he added.

He said overall market outlook appears positive in the short-term while resistance is expected at 26,500 points.

2013 proved to be a good year for the Karachi stock market during which the key index gained a whopping 49 per cent.

Key index began the year at 16,910 points while year-end index level at was 25,261 points.