KSE 100-share ends flat in Nov

KARACHI: The benchmark 100-share Index of Pakistan Stock Exchange was marginally up one percent month-on-month to close at 40,000 points in November due to political and economic instabilities, an analyst said on Monday.
In November last year, the KSE-100 index rose impressive 6.8 percent month-on-month or 2,729 points. “Protests and sit-ins all over the country and media blackout added concerns over the political stability,” Ahsan Arshad, an analyst at Taurus Securities said. “Economic headwinds in the shape of widening of current account deficit also captured the investors’ attention.”
Morgan Stanley Capital International (MSCI) announced its semi-annual review on Nov 15 where it reduced Pakistan’s weight in emerging market index amid the evident drop in equity market capitalisation.
“Coinciding with the Pakistan’s weight reduction in MSCI EM index, effective Dec 1, local bourse also witnessed net foreign selling of $51.9 million in November as compared to net foreign selling of $80.5/$141.2/$27.7mn in last three MSCI review months (August, May, and February),” Arshad said.