Wednesday, April 24, 2024

Pakistan’s Technology Companies Stocks Have Risen by 500% in a Year: KASB

According to KASB Securities’ research arm, technology companies listed on the Pakistan Stock Exchange rallied 506 percent in a year, outperforming the benchmark KSE-100 Index, which grew 48 percent during the same time, and becoming the best-performing sector of 2020.

The Karachi-based brokerage said in announcing the launch of its own technology index, “We believe the rally in technology stocks will continue in 2021.”

Systems, TRG, Netsol, Avanceon, and TPL Trakker will be tracked by the KASB Technology Index, which will have respective index weights of 34 percent, 43 percent, 11 percent, 11 percent, and 1 percent.

The current level of the KASB Tech Index is 404.82 points, up 42 percent from three months ago. It says it will keep track of the index and publish it every day in its morning newsletter and weekly blog. “We believe it will assist in the establishment of the technology sector as an asset class, as it is globally.”

The Pakistan Stock Exchange’s data disclosure currently lumps the tech sector in with media and telecommunications, according to KASB. These five technology companies have a combined market capitalization of $1.19 billion, or 2.3 percent of the PSX’s total market capitalization.

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