A stock broker looks at a computer during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on July 31, 2023. — AFP 

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) jumped by more than 700 points on Friday after Morgan Stanley Capital International (MSCI) integrated 15 stocks into the Frontier Market Index.

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.

The benchmark index rose 702.01 points or 1.47% to 48,510.35 points at 10:19am during the intraday trade after reaching a high of 48,898.82 an hour earlier.

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.

“Market is up due to increase in MSCI index participants from Pakistan and increase in weight,” Pakistan-Kuwait Investment Company Head of Research Samiullah Tariq told Thenews.com.pk.

More to follow…

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