“Gimme fuel Gimme fire Gimme those MSCI stocks I desire,” an analyst at the TopLine Securities was quoted as saying.
Quoting Metallica’s lyrics from the track Fuel, MSCI excitement has given PSX investors a shot of nitro to fuel their risk appetites. The unabated desire for index-heavy MSCI names pushed the KSE-100 into uncharted territory, with the index closing at an all-time record high of 50,936pts (+1,085pts/+2.2pc), just inches shy of the 51,000 psychological barrier.
Top Index point contributors were all MSCI names again with HBL (+5pc), UBL (+5pc), MCB (+5pc), OGDC (+4.3pc) and LUCK (+2.4pc) racking up 552 pts to the upside, while FFC (-0.7pc), ABOT (-1.6pc), KEL (-1.1pc), KTML (-0.8pc) and PICT (-2.8pc) eroded 28 pts.
The market is heating up; with only 5 trading sessions left till the review on 15th May and 17 sessions till inclusion on 1st June, the sky’s the limit. The index is likely to maintain its upward trajectory, driven by scripts which are likely to be included in the MSCI-EM index. The market participation improved as volumes rose by 6pc d/d to 326 mn.sh, while the traded value increased by 17pc to Rs20.8bn/US$198mn.
