KARACHI: Pakistan stocks hit a record closing high on Wednesday, after the country’s stock market was upgraded overnight and included in the MSCI’s (emerging market) index.

The benchmark 100-share index of the Pakistan Stock Exchange closed up 1,042.12 points, or 2.78 per cent higher at 38,559.87, a record high close.

It was also the index’s biggest single-day percentage gain since March 31, 2015 when it rose 4.5pc.

“MSCI announced its annual market classification earlier today and upgraded Pakistan from the Frontier to the Emerging Market Index, which led the local index to storm past its previous high and set a new level,” said Hammad Aman, Manager, Equity Sales at Topline Securities (Pvt) Ltd.

The stock exchange was dropped from the MSCI Emerging Markets Index when it imposed a floor on the market during the financial crisis in 2008, effectively trapping local and foreign investors for several months.

Published in Dawn, June 16th, 2016