KARACHI (Web Desk) – The benchmark position on the Pakistan Stock Exchange gained 1,003 points, or 2.7 percent, to touch a high of 38,520 points by the close of trade.

The gains came on the back of the country being upgraded to emerging market status by US index firm MSCI. Just this week, Pakistan was reassigned from the “frontier market” position it has held on the US index firm’s influential global equities index since 2008.

“After a long time, Pakistan has been classified as an emerging market and that boosted investor sentiment,” said Rehan Atiq, the chief operating officer of brokerage house Shajar Capital.

Pakistan was downgraded to frontier market status in 2008, thanks to a slipping domestic economic outlook , growing insecurity and rising global oil prices.