PSX turns bullish on MSCI additions, gains 616pts

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KARACHI
Pakistan Stock Exchange (PSX) turned bullish on Friday after Morgan Stanley Capital International (MSCI) integrated 15 stocks into the Frontier Markets Index, with the benchmark KSE-100 Index gaining 616.06 points (+1.29 percent) to close at 48,424.40 points.
The MSCI Frontier Markets Index captures large and mid-cap representation across 28 Frontier Markets (FM) countries. The index includes 99 constituents, covering about 85 percent of the free float-adjusted market capitalization in each country. In its quarterly review, 41 stocks found their place within the MSCI Frontier Markets Small Cap Index, with Pakistan’s weight to ascend significantly — anticipated to rise from its current 0.6 percent to a more substantial 2.6 percent to 2.7 percent.
The report mentioned that there has been an inclusion to increase capital inflows from foreign investors — and foreign investment in the equity market rises to $22.8 million since the start of the fiscal year 2023-24. “Market is up due to increase in MSCI index participants from Pakistan and increase in weight,” Pakistan-Kuwait Investment Company Head of Research Samiullah Tariq said in a note.
The market opened on a sharp positive note and the benchmark index gained around 1,160 points during the first 25 minutes trading. The momentum faded after the profit-taking checked in. However, the indices remained positive throughout the session. In the second half, the bulls took over again and added some 200 more points despite the fact that Friday was the last session of the week.
The benchmark index traded in a range of 930.31 points showing an intraday high of 48,898.82 points and an intraday low of 47,968.51 points. Among other indices, the KSE All Share Index gained 387.95 points (+1.21 percent) to close at 32,137.83 points, while KMI All Share Islamic Index gained 235.96 points (+1.01 percent) to close at 23,426.33 points.
Total volumes traded for the KSE-100 Index increased by 66.80 million shares to 242.05 million shares against 175.25 million shares traded a session earlier. Similarly, the overall market volumes increased by 46.13 million shares to 368.34 million shares against 322.21 million shares traded a session earlier.
Among scrips, KEL topped the volumes with 53.87 million shares, followed by OGDC (22.57 million) and LPL (18.64 million). Stocks that contributed significantly to the volumes included KEL, OGDC, LPL, PPL and WTL, which formed over 34 percent of total volumes.
A total of 330 companies traded shares in the stock exchange against the same number of companies a session earlier, out of which shares of 207 closed up, shares of 100 closed down while shares of 23 companies remained unchanged. A total of 96 companies traded shares in the KSE-100 Index against the same number of companies a session earlier, out of which share price of 72 companies closed up, 19 closed down and five remained unchanged.
The number of total trades decreased by 21,334 to 142,943 against 164,277 trades in the previous session, while the value traded increased by Rs4.31 billion as compared to the previous session to Rs17.06 billion.
In terms of rupee, NESTLE remained the top gainer and witnessed an increase of Rs85.85 (+1.21 percent) per share, closing at Rs7,181. The runner-up remained MARI, the share price of which climbed up by Rs27.9 (+1.73 percent) to Rs1,636.21. RCML remained the top loser in terms of rupee and witnessed a decrease of Rs37.5 (-7.5 percent) per share, closing at Rs462.5, followed by BATA, the share price of which fell by Rs10 (-0.58 percent) to close at Rs1,725 per share.
The sectors taking the index towards north were commercial banks (246 points), oil & gas exploration companies (144 points), fertilizer (103 points), cement (37 points), and automobile assembler (28 points). The major companies adding points to the index remained MCB (74 points), OGDC (52 points), ENGRO (45 points), and BAFL and PPL (42 points each).
The sectors taking the index towards south were investment banks/ investment companies/ securities companies (61 points), refinery (3 points), and miscellaneous (1 point). The major companies depriving the index of points remained DAWH (61 points), LOTCHEM (14 points), TRG (7 points), and CEPB and COLG (6 points each).