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Monday, October 25, 2021

Weekly review: KSE-100 ignores noise on MSCI downgrade - Geo News

Last updated Saturday, September 11, 2021 03:00 ET , Source: TopWireNews

The benchmark KSE-100 index closed the week at 47,198.28, up 241 points.
The increase comes on the back of positive economic cues and clarity regarding MSCI.
The index finished two of the five sessions in green.
KARACHI: Bulls staged a comeback at the Pakistan Stock Exchange (PSX) following a week of bearish trade as the benchmark KSE-100 index once again powered past the 47,000-point mark. The index posted gains of 241 points or 0.5% in the outgoing week to settle at 47,198.28 points.
Trading was volatile throughout the week with the index finishing two of the five sessions in the green.
JS Global analyst Muhammad Waqas Ghani said: “The market participants remained cautious during the first three trading days over a rising import bill, rupee-dollar parity and lack of clarity on the macro-economic front.”
The week began on a negative note as the investors remained jittery over a possible reclassification of the PSX at the Morgan Stanley Capital International (MSCI) index.
Moreover, the cement sector witnessed aggressive selling on Tuesday owing to higher coal prices after which the sector closed in the red.
The MSCI verdict — according to which the international company reclassified the MSCI Pakistan Indexes from Emerging Markets to Frontier Markets in one step, coinciding with the November 2021 Semi-Annual Index Review (SAIR) — coupled with surging coronavirus cases, took a toll on the market sentiment as investors resorted to profit-booking.
However, the tables turned as...



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