Karachi, August 11, 2023 – Pakistan equities rejoiced on Friday with a remarkable surge of 616 points, driven by the recent rebalancing conducted by MSCI.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at an impressive 48,424 points, a significant rise compared to the previous day’s closing of 47,808 points.
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Analysts from Topline Securities noted that the exchange witnessed a highly positive session, with the index registering a 1.3 percent increase to reach the 48,424 level. This surge in market sentiment can be directly attributed to the MSCI Quarterly Index review, which led to the inclusion of 15 stocks in the MSCI Frontier Market Index, along with the addition of 41 stocks to the MSCI Frontier Markets Small Cap Index.
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Among the notable stocks included in the MSCI Frontier Market Index are OGDC, MARI, PPL, LUCK, MCB, UBL, ENGRO, HBL, POL, SYS, FFC, HUBC, EFERT, MTL, BAFL, PSO, and TRG, thereby increasing the total constituents to 17, including OGDC and ENGRO, which were already part of the index.
The primary contributors to this remarkable index surge were MCB, OGDC, ENGRO, BAFL, and PPL, collectively contributing a substantial 253 points to the index.
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Trading activity for the day saw a volume of 367 million shares, with a total value of Rs 17 billion. KEL emerged as the volume leader for the day, recording a trading volume of 54 million shares.
This substantial gain in the equity market demonstrates the resilience and potential of Pakistan’s financial landscape, driven by strategic measures such as MSCI’s index rebalancing. The positive momentum not only reflects the current market dynamics but also holds promise for future growth and stability in the nation’s financial markets. Investors and market participants are keenly observing these developments as Pakistan’s equity markets continue to evolve and position themselves on the global stage.
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