Pakistan Stock Exchange records biggest weekly gain in 3 years

KARACHI (Web Desk) - Pakistan stocks hit a new record closing high on Friday, led by energy and bank shares.

As per details, nearly three years after Pakistan stock market was included in MSCI´s key benchmark earlier last week.

The benchmark 100-share index of the Pakistan Stock Exchange ended 25.34 points, or 0.07 percent higher, at 38,776.94 points, a fresh closing high.

It gained 5 percent on the week, its best weekly gain since the first week of July 2013, when it rose 5.6%.

Pakistan´s benchmark index jumped as much as 3% in early trade on Wednesday.

Trade climbing to a record high after the country´s stock market was reclassified overnight and included in the MSCI´s emerging market index category.

"In a thinly traded session, the index staged a decent recovery today, after an initial correction of 111.60 points amid thin turnover, partly due to reduced trading hours on account of Friday," Intermarket Securities Ltd said in a statement.

There was a significant decline in market participation, with 105 million shares changing hands compared with 192 million on Thursday.