KARACHI: The reclassification in the MSCI indices on the last day of November resulted in a volatile session on the Pakistan Stock Exchange (PSX).

According to Topline Securities, above-average activity took place on the bourse by both local and foreign investors as Monday marked the cut-off day for Pakistan’s reclassification to MSCI’s Frontier Market from Emerging Market. An unusual market volume was also witnessed in the negotiated deal market or NDM as 24.06 million shares worth Rs3.1 billion changed hands.

As a result, the KSE-100 index lost 257.67 points or 0.57 per cent to close at 45,072.38 points.

Market participation increased 53.4pc to 411.46m shares while the value of traded shares went up 220.4pc to Rs34.82bn.

Sectors taking away the highest number of points from the benchmark index included commercial banking (159.66 points), fertiliser (78.27 points), food and personal care (19.54 points), investment banking (18.28 points) and textile composite (12.79 points).

Stocks that contributed significantly to the traded volume included Habib Bank Ltd (31.48m shares), First National Equities Ltd (22.33m shares), United Bank Ltd (20.84m shares), TRG Pakistan Ltd (20.76m shares) and MCB Bank Ltd (20.42m shares).

Stocks that contributed positively to the index included Systems Ltd (64.21 points), Oil and Gas Development Company Ltd (39.49 points), Pakistan Petroleum Ltd (16.29 points), Pakistan State Oil Company Ltd (15.54 points) and Fatima Fertiliser Company Ltd (14.02 points).

Shares that contributed negatively included MCB Bank Ltd (44.86 points), Engro Corporation Ltd (39.33 points), Pakistan Oilfields Ltd (37.31 points), Lucky Cement Ltd (34.83 points) and TRG Pakistan Ltd (33.65 points).

Stocks recording the biggest declines in percentage terms included Murree Brewery Company Ltd, which went down 5.36pc, followed by Feroze1888 Mills Ltd (4.42pc), Atlas Honda Ltd (4.23pc), Pakistan Oilfields Ltd (3.34pc) and TRG Pakistan Ltd (3.33pc).

Foreign investors remained net sellers as they offloaded shares worth $58.39m on a net basis.

Published in Dawn, December 1st, 2021