Market watch: Stocks rally over MSCI reclassification hype

Benchmark KSE-100 index increases 342.97 points

KARACHI: The benchmark-100 index ignored pre-budget uncertainty and rallied northwards as the MSCI reclassification took over hype at the bourse on a day when the Economic Survey 2015-16 was also unveiled.

At close on Thursday, the Pakistan Stock Exchange’s benchmark KSE 100-share Index recorded a rise of 0.94% or 342.97 points to end at 36,839.14.

Trade volumes rose to 306 million shares compared with Wednesday’s tally of 206 million. At the end of the day, 209 stocks closed higher, 128 declined while 25 remained unchanged. The value of shares traded during the day was Rs13.3 billion.

Foreign institutional investors were net buyers of Rs413 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, June 3^rd, 2016.

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