KSE-100 recorded a gain of massive 631 points or + 1.24% by the end of the trading session to close at 51373.51 points. The KSE-100 Index performance increased over 746 points in intra-day trading today.
Last week MSCI had officially reclassified Pakistan as an Emerging Market from a Frontier Market in the much awaited May 2017 Semi-Annual Index Review as the investors keenly wait for the MSCI reclassification effective from June 1. The 100 index witnessed sharp losses in the outgoing week, following the official announcement of inclusion of Pakistan in MSCI EM Index perhaps as traders opted to sell the fact.
The Index opened positive and continued to gain profits throughout the last trading session while closing in green.
Overall, volumes surged to over 240 million shares while in KSE 100 index around 53 million shares were traded.
COMMERCIAL BANKS was the top traded sector with total traded volume of 33,789,600 shares. It was followed by TEXTILE SPINNING with a total traded volume of 28,141,700 shares and TECHNOLOGY & COMMUNICATION sector with a total traded volume of 23,618,000.
According to market analysts banking, textile and oil sector took the leading position in bringing about this gain.
Shares of 395 companies were traded. At the end of the day, 237 stocks closed higher, 148 declined while 10 remained unchanged.
Silk Bank was the volume leader with 16.75 million shares, losing Rs 0.05 to close at 1.86. It was followed by Pervez Ahmed Securities Ltd with 13.10 million shares, gaining Rs 0.29 to close at Rs 2.77, World Call Telecom with 11.14 million shares, losing Rs 0.06 to close at Rs 3.39 and Dewan Farooq Spinning with 8.37 million shares, gaining Rs 0.04 to close at Rs 7.34.
The top advancers of the market were:
Top decliners of the market were:
Euphoria over the stock exchange’s reclassification as an emerging market propelled the KSE-100 Index past to another bullish trend today. Oil prices continued to climb on Monday, pushing futures to their highest levels in more than a month, ahead of Thursday’s meeting of the Organization of the Petroleum Exporting Countries where production cuts will be discussed.
Asian equities opened higher on the first day of the week, taking inspiration from continued recovery on Wall Street. Markets are watching the outcome of Trump’s first foreign trip which began in Saudi Arabia with the inking of an arms deal worth USD 350bn between the two countries.