KARACHI: On Monday, the last fiscal year (2013-14) has been one of the best years for Pakistan stocks, as the benchmark KSE-100 index gained 41 percent, or 8,647 points (42 percent in US$ terms), in the past 12 months.
Analyst Ahsan Mehanti stated, renewed foreign interest in petroleum stocks, expected payments on pending circular debt and expected M&A activity in cement sector played a catalyst role in bullish activity at KSE despite concerns for rising political uncertainty.
Analyst of Topline Securities Fahad Qasim acclaimed that in the forthcoming fiscal year, Pakistan stock market stood out as ace of the best performing market in the world, with KSE-100 index reaping gains of 41pc or 8,647 degrees.
The Pakistan market welcomed business-friendly government, which came with a clear intention to revive economy through energy sector reforms, and businesses – sharp contradiction to the last government’s pro-agricultural policies.
Trading made it in 331 companies where losers beat the earners 168 to 140 while the value of 23 stocks remained intact. Wyeth Pak Limited was the great price earner of the day up by Rs 130.62 to Rs 4450 escorted by Rafhan Maize up by Rs 125.09 to Rs 11799.99. Pak Tobacco and Island Textile were the top price losers of the day decreased by Rs 66.46 to Rs 1265 and 37.75 to Rs 860.
In FY14, MSCI Pakistan earned 23pc compared to 31pc gain of MSCI Frontier Markets. Besides, amid Asian frontier markets categorised by MSCI, Pakistan ranked first, ahead of Bangladesh, which earned 21pc and Vietnam (13pc).
The Topline report said they kept their positive position on the marketplace and saw benchmark KSE-100 index rising to 30,000 degrees. “All the same, we still have our best-case forecast of a benchmark index, reaching 33,000 points by December 2014 with better-than-expected economic indicators.”