MARKET CLOSING - 9TH SEP 2021
Pakistan Equity finally broke its bearish momentum, as the index accumulated 228.41(0.49% DOD). The intraday trading saw a high of 46,665.48, towards the end of the trading session, while a low of 46,396.71, towards the start of the session. All share volumes stood at 397mln(-17.03%DOD ), reflecting investors’ caution towards taking new exposures. The investors showed interest in trading third-tier stocks as the volume leaders for the day were GGL(57mln), TELE(41mln), WTL(20mln), TPL(17mln), and SERVER(16mln). On the economic front, Pakistan’s forex reserves reached historical highs, on the back of fresh IMF funding, Pakistan witnessed a notable current account deficit due to an overly heated commodity market as the country remained under a twin deficit. On the other side of the picture, MSCI downgrades Pakistan to the Frontier market(FM). “Although the Pakistani equity market meets the requirements for Market Accessibility under the classification framework for Emerging Markets, it no longer meets the standards for size and liquidity” was the statement made by MSCI.