KARACHI: Bears reclaimed control over the Pakistan share market on back of the absence of positive news from economic and corporate front. The delay in resolve between Pakistan’s financial managers and International Monetary Fund also made investors cautious ahead of the weekend.
The benchmark KSE-100 Index was trading at 47,791.90 down 170.64 points at the end of the first trading session before Friday midday break.
KSE-100 Index showed decent recovery support of buying on dips by the investors at the early hours of the trade. However, some appreciation in prices and the benchmark Index provoked investors to book profits. The investors seem not ready to keep their portfolios above the safe levels until a deal between the IMF and Pakistani government.
On the other hand, the report that MSCI may downgrade the status of Pakistan’s capital market to Frontier Market from Emerging Market also hurt investors’ confidence.
According to the news, MSCI has started consultation on a market reclassification proposal for the MSCI Pakistan Index to be reclassified from Emerging Market (EM) to Frontier Market (FM).