Karachi (June 2, 2017): The losing streak on Pakistan Stock Exchange (PSX) continued for the fifth day, as the market started trading on Friday in the negative zone.
Soon after start of trading on last trading day of the week, the benchmark KSE-100 index shed some 1281 points and the index dipped to 47,491 points level.
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On Thursday Pakistan entered the MSCI emerging market index, but the PSX lost 18, 11 points, the biggest drop in a single day.
On Thursday, stocks at the Pakistan Stock Exchange (PSX) bleed profusely as the benchmark KSE-100 index succumbed to a record single-day decline of 1,811 points, or 3.58 per cent. It was the biggest drop in terms of points.
In the past four days of a losing streak, the KSE-100 index has lost 3,856 points and the market capitalisation has eroded by Rs653 billion.
For over a year since the MSCI first signalled its willingness to take back Pakistan into the emerging market fold, foreign funds, investors, local and foreign market analysts, brokers and agents were engaged in a prolonged celebration.
The six stocks that were selected for inclusion in the MSCI emerging-market index continued to sell like hot cakes. Stock prices of Engro Corporation, Habib Bank, Lucky Cement, MCB Bank, Oil and Gas Development Company and United Bank rose phenomenally in the run-up to the upgrade, with buyers expecting to sell them at premium to emerging-mar-ket passive funds.
New York-based MSCI Inc is a leading provider of research-based indexes and analytics. It downgraded the Pakistani stock market eights year ago to its frontier market index after the local bourse closed the exit door for foreign investors.