Pakistan stock market hits 24-month high

Karachi, July 31 (IANS) Shares at the Pakistan Stock Exchange (PSX) rallied past the 48,000 mark to a 24-month high on positive cues, with market experts expecting the momentum to continue.

Bulls took over the market after Pakistan's deal with the International Monetary Fund (IMF), and later, news on the country's mineral sector strengthened the gains further, The News reported.

During the intra-day trade on July 27, the benchmark index increased by 1,010.72 points or 2.15 per cent to reach 48,062.56 points, data showed, up from the previous close of 47,076.9 points -- a 21-month high.

The market has gained more than 6,600 points (+15.9 per cent) since Pakistan's staff-level agreement with the IMF for a $3 billion Standby Agreement, The News reported.

Under the Special Investment Facilitation Council (SIFC), the government is also holding a Pakistan Mineral Summit regarding Reko Diq and other mines and mineral projects, beginning August 1, seeking foreign investment.

Pakistan-Kuwait Investment Company's Head of Research Samiullah Tariq attributed the expected investment in minerals as a "major" contributor to the market's rise.

"Major factor is optimism regarding investment in minerals; positive expectations of investment in other ventures/sectors as a spillover of investment in mining," he said.

Four leading Pakistani state-owned companies have also signed a memorandum of understanding to collaborate on a $10 billion Greenfield Refinery project to be jointly developed with Saudi Aramco at the strategic Gwadar port in Balochistan, The News reported.