7,142 - KSE-100 index included in MSCI Frontier Market Index
May 14, 2009After yesterday’s intra-day high at 7,435, the Karachi Stock market failed to break 7,300 today and got banged down to close at 7,142. Volumes shrank back to 84.9 million shares traded.
News : Pakistan has been included in Morgan Stanley Capital International (MSCI) Frontier Market Index with the inclusion of twelve Pakistani companies in it. Morgan Stanley Capital International (MSCI), a leading provider of benchmark indices, announced the results of its May 2009 Semi Annual Index Review for the MSCI Equity Indices on Thursday…The Pakistani stocks that have been included in MSCI are MCB, NBP, UBL, NIB, OGDC, POL, PSO, KAPCO, HUBCO, FFC, JSCL & PTC having the combined weight of 45 percent in KSE-100 index, the benchmark of Karachi Stock Exchange (KSE).
The inclusion of Pakistan in the MSCI Frontier Index bodes well for the local equity market where foreigners still hold 19 percent of the total free float…Stock market analysts said that the Pakistan market currently trades at an attractive one year forward PE of 6.5x, a deep discount of 40 percent compared to regional markets…. Daily Times
Market Low : 7,088.32 High : 7,282.08
Market Close : 7,142.42 — 100.18 points down
