The Pakistan Stock Exchange (PSX) rallied in the week’s last trading session as bulls took control of the market after Morgan Stanley Capital International (MSCI) added a record number of Pakistani-listed companies to its indices.
After opening trade at 47,968.5 points, the market showcased bullish sentiments, with the benchmark KSE-100 index gaining as much as 1090.5 points or ~2 percent after rising to a high of 48,898 points within the first hour of the opening bell.
At 10:35 AM, the benchmark KSE-100 index was trading at the 48,471 level, up by 663 points. Commercial Banking (+320 points), Oil & Gas Exploration (+200 points) & Fertilizer sector (+100 points) were top points contributors.
Big buying in energy sector stocks was a major contributor to the early morning bull run. Pakistan Market rallied 1,000+ points in early morning trade after MSCI added record Pakistan Listed companies in its indices, said Topline CEO Mohammed Sohail in response to the rally.
“Record 15 listed companies being added to the main index of MSCI Frontier Market. Good news for PSX. In last 6 weeks, net foreign buying of USD26mn already seen at PSX, and with this news, more expected,” he tweeted prior to the bull run.
MSCI has incorporated 15 new scrips into its Frontier Market (FM) Index, without making any deletions, which will be effective from September 01, 2023.
Pakistan has 58 stocks in the MSCI FM Index, of which 42 are total additions in this review. 15 stocks have been added to MSCI Frontier Market (FM) Index. 14 scrips have been moved from MSCI Frontier Market Small Cap Index.
Accordingly, Pakistan got the highest increase in weight on the August 10 MSCI FM Index Review.
The new additions of PSX scrips to the MSCI FM Index should help listed companies recoup their share prices.
| MSCI Frontier Market Index | ||||||||
|---|---|---|---|---|---|---|---|---|
| SR No | Company Name | Symbol | Sector | Action | 6M ADTO | M.Cap | Performance | |
| (Dollar in Million) | YTD FY24 | YTD CY23 | ||||||
| 1 | Oil & Gas Development Co Ltd. | OGDC | Oil & Gas Exp | No change | 2.2 | 1,462 | 29% | 32% |
| 2 | Mari Petroleum Company Ltd. | MARI | Oil & Gas Exp | Added | 0.3 | 780 | 6% | 10% |
| 3 | Pakistan Petroleum Limited. | PPL | Oil & Gas Exp | Added | 1.4 | 659 | 19% | 5% |
| 4 | Lucky Cement Limited. | LUCK | Cement | Added | 0.8 | 656 | 17% | 37% |
| 5 | MCB Bank Limited. | MCB | Banks | Added | 0.3 | 602 | 22% | 33% |
| 6 | United Bank Ltd. | UBL | Banks | Added | 0.6 | 602 | 36% | 88% |
| 7 | Engro Corporation Limited | ENGRO | Fertilizer | No change | 1.0 | 527 | 2% | 17% |
| 8 | Habib Bank Limited. | HBL | Banks | Added | 0.9 | 514 | 39% | 66% |
| 9 | Pakistan Oilfields Limited. | POL | Oil & Gas Exp | Added | 0.4 | 436 | 11% | 19% |
| 10 | Systems Limited. | SYS | Technology | Added | 0.7 | 435 | 5% | -11% |
| 11 | Fauji Fertilizer Co. Ltd. | FFC | Fertilizer | Added | 0.2 | 426 | -3% | 4% |
| 12 | Hub Power Company Limited. | HUBC | Power | Added | 0.8 | 374 | 23% | 52% |
| 13 | Engro Fertilizers Limited. | EFERT | Fertilizer | Added | 0.3 | 363 | -6% | 12% |
| 14 | Millat Tractors Limited. | MTL | Autos | Added | 0.2 | 279 | 9% | 47% |
| 15 | Bank Al Falah | BAFL | Banks | Added | 0.2 | 222 | 33% | 45% |
| 16 | Pakistan State Oil Co Ltd. | PSO | Oil & Gas Mark. | Added | 0.7 | 197 | 11% | -15% |
| 17 | TRG Pakistan Ltd. | TRG | Technology | Added | 1.3 | 192 | 8% | -9% |
This is an intraday market update.