- Ends near 47,600 as MSCI's announcement and FATF's decision take toll on investor sentiment
Karachi: The KSE-100 Index, widely considered a benchmark for market performance, witnessed a 359-point drop on the last day of the week, as concerns over the Financial Action Task Force (FATF) decision kept investors jittery during the session at the Pakistan Stock Exchange (PSX) on Friday.
The FATF decision was announced after market close. It said that Pakistan will continue to be on the increased monitoring list, also called the grey list.
At the close of trading on Friday, the KSE-100 ended 359.18 points or 0.75% lower, finishing at 47,603.36. It has now cumulatively shed over 630 points since earlier this week when it began trading at 48,238.
The KSE-100 Index has been under pressure this week as investors opted to stay away from taking fresh positions. Awaiting the FATF's decision, volatility persisted.
Adding to the investor nervousness was Morgan Stanley Capital International Inc (MSCI) latest announcement that it will begin consultation on a proposal for Pakistan's reclassification from Emerging Markets to Frontier Markets.
Volume on the all-share index inched up from 638.69 million shares on Thursday to 757.69 million shares. The value of shares traded during the session clocked in at Rs21.64 billion.
WorldCall Telecom was the volume leader with 142.18 million shares, followed by BYCO Petroleum Pakistan Limited (53.81 million), and Pace (Pakistan) Limited (45.16 million).
Shares of 381 companies were traded during the day with 159 registering an increase, while those of 205 declined. Share prices of 17 companies remained unchanged.