KARACHI: The Pakistan Stock Exchange Wednesday touched the historic mark after MSCI’s nod for Pakistan’s inclusion to Emerging Markets status.
The MSCI, in its announcement, said that the MSCI Pakistan Index will be reclassified to Emerging Markets status, coinciding with the May 2017 Semi-Annual Index Review.
The benchmark 100-inded gained mammoth 1042.12 points to take the tally to record 38559.87 points level at closing.
The stocks recorded the highest trading level of 38609.01 points and lowest level of 37517.75 points, with the volume of 244 million shares, having over Rs 19 billion value. As many as 336 companies were active; of which 194 advanced, 118 declined and 24 remained unchanged.
The three top traded companies were K-Electric Ltd with a volume of 44,619,500 and price per share of 8.23 (0.11), Pak Int.Bulk with a volume 14,777,500 of price per share of 33.39 (0.89), Engro Fert with a volume 9,349,000 of price per share of 68.07 (0.59).
The top three gainers were Rafhan Maize with price per share 8950 (280), Pak Tobacco with price per share of 1034.90 (44.90) and Lucky Cement price per share of 657.86 (30.82).
The top three losers were Philip Morris Pak with price per share of 1498.98 (-58.44), Sanofi-Aventis with price per share of 548.05 (-19.84) and Sunrays Textile per share of 261.73 (-13.77).
Earlier, the PSX opened keeping previous day’s bullish trend and added 749 points to cross the psychological barrier of 38,000 and reached 38267.20 points level in early trading. The bullish trend continued till midday as stocks gained huge 956 points to reach 38473.75 points level after MSCI’s decision to reclassified Pakistan to Emerging Markets status.
On Tuesday, the Pakistan Stock Exchange (PSX) surged ahead of MSCI’s decision in New York. EFG Hermes believes an upgrade could lure around $475 million of inflows by mid-2017. The index has gained 15% this year, making it the top performing Asian market of the year. It has climbed 4.20% in the month against the fall of 0.40% in the MSCI Emerging Markets Index.
The benchmark index shot up from the word go, accumulating gains of 614.43 points to 37,594.39. The index later settled at 37,517.75, up by 537.79 points. The KSE All Share Index rose 278.02 points to land at 25,016.87. A total of 195 scripts advanced while 105 declined. The market volumes saw no massive leap and improved to 143.563 million from 139.416 million.