MSCI stocks fall prey to profit taking as the market continued on yesterday’s negative momentum and fell more than 400 points since opening in the morning.
Investors continue to sell MSCI included stocks as market edges near the official inclusion. The inclusion which is due tomorrow (June 1st) is expected to generate a substantial amount of increase in inflows from foreign investors. But new budgetary measures announced on Friday have spooked away the local investors.
The market continues its third day of decline since the budgetary announcements. It has continue to price itself negatively since the announcements as investors have frowned upon the new budgetary measures which includes continuation of super tax and increased levy on dividends.
MSCI led stocks; Engro, OGDC, UBL, HBL, MCB and Lucky collectively have dragged the market down by more than 350 points.
Early gainers since the morning session; Pakistan Tobacco PAKT 2.58%, Millat Tractors Ltd MTL +1.55%, High Noon Laboratories Ltd. HINOON +2.39%, Sazgar Engineering Works SAZEW +5.00% and Wah Noble Chemicals Ltd. WAHN +3.37%.
Early losers in today’s morning session; Khyber Tobacco Company KHTC -4.91%, Wyeth Pakistan WYETH -1.61%, Lucky Cement LUCK -3.06%, Sanofi Aventis Pakistan Limited SAPL -1.33% and Indus Motor Company Limited INDU -0.97%.