Stocks sink on Pakistan Indexes downgraded by MSCI

Stocks sink on Pakistan Indexes downgraded by MSCI

KARACHI: The stock market fell by 333 points on Wednesday as MSCI in its verdict decided to downgrade Pakistan from Emerging Markets to Frontier Market.

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended at 46,397 points from the previous day’s closing of 46,730 points.

Analysts at Topline Securities said that after a slightly positive opening benchmark KSE-100 Index came under pressure as MSCI in its verdict has decided to downgrade Pakistan from Emerging Markets to Frontier Market which led the market to make an intraday low of 402 points.

Major stock negativity was witnessed from LUCK, ENGRO and OGDC which collectively dented the Index by 171 points.

On the volume and value front, the total traded volume and value clocked in at 477.7 million shares and Rs14.6 billion, respectively.

TPL was today`s volume leader with 39.04 million shares.