KARACHI: The share market fell by 188 points on Tuesday a brink of an important MSCI decision regarding reclassification of Pakistan from Emerging Market Index to Frontier markets Index.
Analysts at Arif Habib Limited said that at the brink of an important MSCI decision regarding reclassification of Pakistan from Emerging Market Index to Frontier markets Index, the KSE-100 benchmark index lost 300 points in total and closed the session -188 points.
Vibes were negative due to continuous selling from foreign counters in cement and banking sector stocks due to MSCI reclassification and otherwise depreciating rupee against USD that makes holding PK stocks a costly affair.
Local investors have lately been absorbing negative foreign flows in a gradual and cautious manner. TPL topped the volumes today with 41.8 million shares, followed by KOSM (33.7 million) and PIAA (29.8 million).
Sectors contributing to the performance include Cement (-75 points), E&P (-39 points), Autos (-29 points), O&GMCs (-23 points) and Chemical (-21 points).
Volumes increased slightly from 417.8 million shares to 423.8 million shares (+1 percent DoD). The average traded value declined by 6 percent to reach US$ 67.3 million as against US$ 71.7 million.
Stocks that contributed significantly to the volumes include TPL, KOSM, PIAA, WTL, and BYCO, which formed 37 percent of total volumes.
Stocks that contributed positively to the index include NESTLE (+23 points), HMB (+17 points), MEBL (+14 points), PKGS (+12 points) and IGIHL (+10 points). Stocks that contributed negatively include LUCK (-39 points), TRG (-19 points), HBL (-15 points), OGDC (-14 points) and PSO (-13 points).