PSX gains 700 points in early morning trade
Business
The benchmark KSE-100 index rose 702.01 points or 1.47% to 48,510.35 points
KARACHI (Web Desk) – The Pakistan Stock Exchange (PSX) was upbeat in the early morning trade on Friday after Morgan Stanley Capital International (MSCI) included 15 stocks into the Frontier Market Index.
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% of the free float-adjusted market capitalisation in each country.
The benchmark KSE-100 index rose 702.01 points or 1.47% to 48,510.35 points at 10:19am during the intraday trade after reaching a high of 48,898.82 an hour ago.
Topline Securities CEO Muhammad Sohail said that "Pakistan market rallied 1,000 points in early morning trade after MSCI added record Pakistan listed companies in its indices."
He wrote on social media platform X that “record 15 listed companies being added to the main index of MSCI Frontier Market. Good news for the PSX. In the last six weeks, net foreign buying of $26 million has already been seen at the PSX, and with this news, more is expected."
Meanwhile, 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% to a more substantial 2.6% to 2.7%.
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.
More to follow...
