Share prices soar by over 1,000 points at Pakistan Stock Exchange

The bulls made a strong comeback at the Pakistan Stock Exchange on Friday morning as the share prices went through the roof with the benchmark KSE-100 index topping the 48,000 barrier, reported 24NewsHD TV channel.

The business opened on a strong footing after Morgan Stanley Capital International (MSCI) integrated 15 stocks into the Frontier Market Index. The investor went all out, tossing the index over 48,000 with a massive surge of 1,090 points.

The MSCI Frontier Markets Index captures large and mid-cap representation across 28 Frontier Markets (FM) countries. The index includes 99 constituents, covering about 85% of the free float-adjusted market capitalisation in each country.

In its quarterly review, 41 stocks found their place within the MSCI Frontier Markets Small Cap Index, with Pakistan's weight to ascend significantly — anticipated to rise from its current 0.6% to a more substantial 2.6% to 2.7%.

The report mentioned that there has been an inclusion to increase capital inflows from foreign investors — and foreign investment in the equity market rises to $22.8 million since the start of the fiscal year 2023-24.

The brokers are hopeful that the market will cross the 50,000 mark in the near future.

During the current week, foreign investment of $26 million was recorded in the Pakistan Stock Exchange.

Reporter Ashraf Khan