PSX gains 616 points to close at 48,424.40 points

KARACHI: At today’s close, the Pakistan Stock Exchange’s (PSX) benchmark index KSE-100 settled at a gain of 616.06 points, or 1.29 per cent.

The market was suspended at 48,424.40 points, compared to last night’s close of 47,808.34.

Earlier in the day, the index witnessed a huge surge of 1007.18 points by 9:40AM, a significant recovery compared to the previous day’s decline.

After last night’s close of 47,808.34, this was a substantial boost and the market was trading at 48,815.52 points at the time.

See: PSX morning update: over 1000 point initial surge

Analysts attributed the initial surge to Morgan Stanley Capital International (MSCI) announcing that it was integrating a record 56 Pakistani companies as constituents on its Frontier Market (FM) Index and FM Small Cap Index. This includes 15 companies in its FM, and 41 in its FM small cap.

The positive development, to be implemented at the close of August 31, is anticipated to significantly increase Pakistan’s weight. It is projected to rise from its current 0.6 per cent to 2.6 to 2.7 per cent.

However, the Pakistani Rupee experienced a marginal depreciation of 0.24 per cent against the US dollar during Friday’s trading.

At today’s close, the rupee stood at 288.49 in the inter-bank market, marking a decrease of Rs0.89.

See: Rupee marginally declines against US dollar