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Pakistan stocks hit record-high of 50,050

Stock brokers react as they monitor the share market prices from a booth, during trading session at the Pakistan Stock Exchange (PSE), in Karachi, Pakistan January 24, 2017. REUTERS/Akhtar Soomro

KARACHI, Pakistan (Reuters) - Pakistan’s benchmark index briefly touched a record high level of 50,050.19 on Tuesday, before edging down, underpinned by buying in cement sector.

The Pakistan Stock Exchange’s benchmark 100-share index touched the key level soon after the market opened for trading on Tuesday.

“It is a technical market correction; market may hover close to 50,000 level and may cross the fifty thousand mark in current or next session,” Fawad Khan, head of research at KASB Securities Private Ltd, told Reuters.

“The index performance shows the local investors’ confidence in the market.”

A delegation from a Chinese-led consortium, made up of China Financial Futures Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange and two other firms, formally signed documents on Friday to buy a 40 percent stake in the Pakistan Stock Exchange. The deal was made public in December last year.

The benchmark index soared 61 percent over the last 12 months, making it one of world’s top performing indexes.

($1 = 104.6500 Pakistani rupees)

Reporting by Syed Raza Hassan; Editing by Amrutha Gayathri