Daily Stock Report: PSX Gains 636 Points to Close at 52,387 Points

PSX recorded a gain of massive 636 points or + 1.23% by the end of the trading session to close at 52387.87 points.

The KSE-100 Index performance increased over 849 points in intra-day trading today and crossed the 52000 index level barrier. Bulls dragged the KSE 100 index to new all-time high of 52599.07.
The upcoming MSCI review today and Pakistan’s reclassification as an emerging market caused the KSE-100 Index to jump over 52000 index level on Monday.

Experts suggest that Pakistan will carry 0.16% weight in MSCI EM index, distributed across six stocks. Pakistan is set to join the MSCI’s emerging markets index from 1st June 2017, though the final weightage and index constituents would be released along with the May 2017 semiannual review. 

A total of six stocks (HBL, MCB, UBL, ENGRO, LUCK, OGDC) are expected to become part of the MSCI EM index, which would be largely dominated by banks (>50% weight). After declining 10.17% FYTD FFC no longer meets the minimum capitalization requirement, and is expected to be excluded from MSCI EM.

The Index opened positive and continued to gain profits throughout the last trading session while closing in green, with heavy volumes.

Overall, volumes surged to over 352 million shares while in KSE 100 index around 147 million shares were traded.

COMMERCIAL BANKS was the top traded sector with total traded volume of 78,446,800 shares. It was followed by CHEMICAL with a total traded volume of 45,842,790 shares and ENGINEERING sector with a total traded volume of 35,242,600.

According to market analysts banking, cement, oil sector and stocks that are part of the MSCI Pakistan Index took the leading position in bringing about this gain.

Top contributors to KSE-100 were OGDC, MCB, PPL,POL and ENGRO.

Shares of 402 companies were traded. At the end of the day, 206 stocks closed higher, 180 declined while 26 remained unchanged.

Engro Polymer was the volume leader with 35.90 million shares, gaining Rs 0.67 to close at 31.18. It was followed by Dost Steels Ltd with 19.53 million shares, gaining Rs 1.00 to close at Rs 14.20, Bank of Punjab with 12.03 million shares, gaining Rs 0.05 to close at Rs 13.82 and K-Electric Ltd with 10.08 million shares, losing  Rs 0.23 to close at Rs 7.82.

The top advancers of the market were:

Top decliners of the market were:

Crude Oil gained +2.97% and is currently trading at $49.26 per barrel.