Market experienced a fresh high today over the upcoming MSCI review. The precise percentage of Pakistani market along with the list of companies to be the part of the MSCI –EM index will be announced on 15th of May, 2017, and would be effective from June 1, 2017. But the markets have already started to respond towards next week’s announcement preemptively.
Market Performance neutralized any negativity today when KSE Index – market benchmark – soared 1000 points higher than yesterday’s level. The gains were mainly due to stocks from the banking sector; UBL, MCB and HBL along with OGDC from the Oil and Gas Sector were top gainers. All four of these companies (UBL, HBL, MCB and OGDC) are expected to become a part of MSCI – EM index. The MSCI Index assesses the performance of large and mid cap segments of Pakistan market.
Regarding the JIT probe and its effect on overall investor’s sentiment Mr. Muzammil, CEO of IFSL securities said “Investors and the overall market are not pessimistic regarding the decision, investors in the current market are looking towards long term positivity and transparency.”
“The reason for growth is rooted in fundamentals: especially in the cement and steel sector”, explaining the reason for market’s positive behavior in the last 4 sessions. “We see declining exports for cement sector in the international market, but the local market is very lucrative due to increasing development projects across the country”.
“We will have a better idea about today’s growth when we know the numbers of foreign investor’s involvement in today’s session”, said Mr. Muzammil while commenting on the today’s market session.
All Share Volume increased by 18.01 Million to 326.13 Million Shares. Market Cap increased by Rs.191.18 Billion.
Total companies traded were 411 compared to 390 from the previous session. Of the scrips traded 262 closed up, 129 closed down while 20 remained unchanged.
Total trades increased by 4,931 to 105,157.
Value Traded increased by 3.03 Billion to Rs.20.79 Billion
|Engro Polymer & Chemicals||34,942,500|
|The Bank of Punjab||18,293,000|
|Aisha Steel Mills||17,361,000|
|Fauji Cement Company||7,187,000|
|Technology & Communication||15,761,000|
|Power Generation & Distribution||11,086,100|
|Oil & Gas Marketing Companies||9,330,250|