KARACHI: The stocks fell by 599 points on Friday owing to announcement of semi-annual index review for the MSCI equity indexes.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 45,749 pints as compared with previous day’s close of 46,348 points.
MSCI has announced the results of the November 2021 Semi-Annual Index Review for the MSCI Equity Indexes. As previously announced, the MSCI Pakistan Indexes will be reclassified from Emerging Markets to Frontier Markets in one step coinciding with this Index Review, effective from December 1, 2021. Pakistan’s in MSCI Frontier Markets will have a weight of 1.25 per cent compared to earlier simulated weight of 1.9 per cent.
Analysts at Topline Securities said that the KSE-100 index extended its decline to close at 45,749 level, this decline in market can be attributed to MSCI announcement, where it notified Pakistan weight in MSCI Frontier Markets will have a weight of 1.25 per cent compared to earlier simulated weight of 1.9 per cent and three Pakistani securities will be added to the MSCI Frontier Markets Index (LUCK, HBL, MCB) compared to earlier simulated four constituents where OGDC was the fourth constituent.
TRG, LUCK, OGDC, ENGRO and SYS lost value to weigh down on the index by 186 points.
Traded volume and value for the day stood 192 million shares and Rs.7.66 billion, respectively.
UNITY was today`s volume leader with 14.89 million shares.
