ISLAMABAD: Pakistan Stock Exchange (PSX) plunged on Wednesday as investors resorted to profit booking.

Early Wednesday Morgan Stanley Capital International (MSCI) announced to bring down Pakistan Stock Exchange (PSX) among lesser advanced economies into Frontier Markets (FM) index with effect from December 1, 2021.

KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Wednesday, losing 333.25 points, with a negative change of 0.71 per cent, closing at 46,396.71 points against 46,729.96 points on the last working day.

The fall follows MSCI's decision to downgrade Pakistan, coupled with a widening trade deficit and weakening rupee that has put the stock market under pressure.

A total of 477,865,084 shares were traded during the day compared to the trade of 423,757,540 shares the previous day whereas the price of shares stood at Rs14.693 billion against Rs11.289 billion the previous day.

As many as 524 companies’ transacted shares in the stock market, 160 of them recorded gain and 344 sustained losses whereas the share price of 20 companies remained unchanged.

The three top trading companies were TPL Crop Ltd with a volume of 39,045,500 shares and price per share of Rs25.28, Telecard Limited with a volume of 37,429,000 and price per share of Rs21.57 and Ghani Glo Hol with volume of 35,372,000 and price per share of Rs45.02.

Nestle Pakistan witnessed maximum increase of Rs90.75 per share, closing at Rs6164.50. Allawasaya Tex was runner up, share prices of which increased by Rs81.39, closing at Rs1166.71

Rafhan Maize recorded a maximum decrease of Rs280 per share, closing at Rs11000 followed by Sapphire Tex, the prices of which declined by Rs40.00 per share, closing at Rs1050.00.