Bloomberg declares Pakistan Asia’s best-performing stock market

Pakistan’s benchmark KSE100 Index has rallied 27 percent year-to-date, making it Asia’s best-performing equity market in 2016, according to a basket of 26 peers tracked by Bloomberg.

Pakistan has outperformed both its fellow frontier markets and the emerging-market group that it is due to join in 2017, Bloomberg noted.

Pakistan Stock Exchange saw its highest closing ever of 41,545 points on Thursday after experiencing a 621 point increase during the day.

The market received a boost in June when MSCI Inc. announced that it would reclassify Pakistan as part of its benchmark emerging-market index from May 2017. The exchange has largely followed a bullish trend since.