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Pakistan Stock Exchange scales fresh historic peak over MSCI optimism

Xinhua, June 6, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) attained a fresh all-time peak on Monday as investors remained upbeat on the chances of PSX entering the MSCI Emerging Markets Index.

The Morgan Stanley Capital International (MSCI) will hold its review meeting on June 14 and if it decides to upgrade the premier Pakistani bourse, the PSX will be inducted into the MSCI Emerging Markets Index in June 2017, a year after the decision.

The Pakistan Stock Exchange's benchmark KSE 100-Index gained 0.35 percent or 129.27 points to 37,352.27 points on Monday when compared with 37,223 points reported on Friday.

The KSE All Share Index dipped slightly by 0.03 percent or 7.46 points to 25,108.05 points, the KSE 30-Index swelled by 0.29 percent or 61.26 points to 21,429.24 points, the KMI 30-Index jacked up by 0.86 percent or 563.91 points to 66,047.71 points, whereas the Islamic All Share Index augmented by 0.56 percent or 97.96 points to 17,702.10 points.

During Monday's trading session, the main index travelled in a remote range of 281.26 points as it touched the all-time historic intraday peak of 37,481.55 points as against an intraday low of 37,200.29 points.

Engro Corporation, Fauji Fertilizer Company, and Fatima Fertilizer closed up by 1.7 percent, 3.85 percent, and 4.4 percent, respectively, on the back of a cut in General Sales Tax in the Federal Budget for Financial Year 2016-17.

Market volumes slimmed down by 10.29 percent or 26.102 million shares to 227.515 million shares on Monday when compared with 253.618 million shares posted on Friday.

Market capitalization dipped by 0.03 percent or 2.236 billion rupees (21.921 million U.S. dollars) to 7.531 trillion rupees (73.84 billion dollars) whereas trade value trimmed down by 16.79 percent or 2.412 billion rupees (23.653 million dollars) to 11.953 billion rupees (117.193 million dollars).

Among 371 active scrips on Monday, prices of 198 ended lower, 158 managed to advance further, whereas values of 15 other companies took a breather at the weekend's level.

Karachi Electric Limited, Lotte Chemical, and Fauji Cement were the top traded companies with turnovers of 55.782 million shares, 18.659 million shares, and 12.401 million shares, respectively.

Sapphire Textiles was the top price gainer with a leap of 33.75 rupees (33.08 cents) to 708.75 rupees (6.94 dollars) while on the other hand Rafhan Maize led the major price decliners with a plunge of 430 rupees (4.21 dollars) to 8,270 rupees (81.07 dollars). Endit