As Morgan Stanley Capital International (MSCI) reclassified Pakistan from its position as an Emerging Market (EM) to the Frontier Markets (FM) Index on Wednesday, the KSE-100 Index lost further 333 points in value.
After falling 333.25 points or 0.71 percent to 46,396.71, the KSE-100 closed near its end-of-day price.
The market has been pressured by MSCI’s decision to lower Pakistan, along with the sinking rupee and a growing trade imbalance.
The KSE-100 index has been in a trading range of 47,000-48,000 for almost two months, as a result of market pressure. It, however, has just broken through the 47,000-point barrier.
Underperforming sectors on Wednesday’s KSE-100 included oil and gas exploration (down 71.76 points), cement (down 132.77 points), and banking (down 70.85 points) (55.31 points).
The all-share index rose by over 50 million shares on Wednesday, from 423.76 million to 477.87 million. Trading in shares also rose by 15% from Rs11.29 billion to Rs14.69 billion.
Ghani Global Holdings, TPL Corp Limited, and Telecard Limited held the most shares with 35.37 million, 39.04 million, and 37.42 million respectively.
Trading in shares of 160 of the 524 businesses changed hands on Wednesday, with 344 falling and 20 remaining constants.