Stocks in Pakistan (PSX) commenced Wednesday’s trading session on a positive trajectory, witnessing the benchmark KSE-100 index surge past the historic 75,000 level for the first time ever. However, as the index reached this milestone, profit-taking activities ensued, leading to the session concluding with the index settling at 74,663.98, marking an increase of 132.79 points or 0.18%.
Throughout the trading session, the index traded within a range of 674.45 points, achieving an intraday high of 75,115.33 (+584.14) and a low of 74,440.88 (-90.31) points. The total volume of the KSE-100 index reached 251.46 million shares.
In the latest Morgan Stanley Capital International (MSCI) May 2024 index review conducted on Wednesday, only one Pakistani security was added to its Frontier Market Index. Arif Habib Limited (AHL) noted that Pakistan’s weight in the FM standard index is anticipated to be around 3.7%. Additionally, Pakistan remains the second most liquid market in the MSCI FM space, boasting an average daily traded value of $54.2 million in FY24TD, as highlighted by the brokerage house.
Meanwhile, Topline Securities anticipates a larger increase of 30-40 basis points, bringing the weight to around 4.0-4.3%.
The positive momentum in the Pakistani stock market reflects investor confidence and optimism, although profit-taking activities near the historic highs indicate cautious sentiment prevailing among market participants.
MSCI MAY 2024 INDEX REVIEW: ADDITION OF NATIONAL BANK OF PAKISTAN TO FRONTIER MARKET INDEX
In the latest MSCI May 2024 index review unveiled on Wednesday, Morgan Stanley Capital International (MSCI) has made a significant inclusion to its Frontier Market Index by incorporating just one new Pakistani company, without making any deletions. This adjustment is set to be implemented as of the close of May 31, 2024.
The newly added company is National Bank of Pakistan (PSX: NBP), which will join the ranks of other Pakistani stocks in the MSCI Frontier Market (FM) Index. With this addition, Pakistan now boasts a total of 21 stocks in the MSCI Frontier Market Index.
It’s worth noting that no changes were made to the MSCI Frontier Market Small Cap Index during this review period.
MSCI, renowned as a leading provider of critical decision support tools and services for the global investment community, plays a pivotal role in guiding investment decisions worldwide through its comprehensive index reviews and classifications.
BROADER MARKET OVERVIEW: ALL-SHARE INDEX GAINS, TOTAL MARKET VOLUME HOLDS STEADY
In the broader market scenario, the All-Share index concluded at 48,463.97, marking a net gain of 152.25 points. The total market volume stood at 572.42 million shares, slightly lower than the 574.18 million shares traded in the previous session. However, the traded value recorded a notable increase, reaching Rs25.95 billion, up by Rs2.51 billion.
A total of 283,483 trades were reported across 381 companies. Among these, 147 companies closed with gains, 213 closed with losses, and 21 remained unchanged.
In the top ten by volume, notable companies include:
- SEARL: 41,142,937 shares
- HUMNL: 35,681,587 shares
- WTL: 32,673,166 shares
- DCL: 31,102,448 shares
- KEL: 20,190,836 shares
- PSX: 18,438,000 shares
- CNERGY: 16,557,563 shares
- OGDC: 13,245,266 shares
- DFML: 12,600,266 shares
- PAKRI: 11,972,500 shares
Additionally, investors are eyeing the Fast Cables IPO, highlighting potential opportunities in the wire industry.
Notably, the KSE-100 has witnessed substantial gains, surging by 33,211 points or 80.12% during the fiscal year. In the ongoing calendar year, the index has experienced a cumulative increase of 12,213 points, equivalent to 19.56%. These figures underscore the robust performance and investor confidence in the Pakistani stock market.
