**The Pakistan Stock Exchange closed on a positive note on Friday as investors’ participation remained high throughout the trading session following the addition of 15 Pakistan-listed companies to Morgan Stanley Capital International’s (MSCI) main Frontier Market Index.

The benchmark KSE-100 Index gained 616.06 points or 1.29%, to close at 48424.4 levels in the last trading session of the outgoing week.

Similarly, the KSE-30 Index added 257.87 points, or 1.52% to reach 17202.58 points at closing of the market.

During the midday trading, the local bourse gained over 1,000 points and crossed the 48,000 mark as the news surfaced regarding the listing of Pakistani companies in MSCI Index.

The development came after Morgan Stanley Capital International (MSCI) added 15 Pakistani listed companies to its main Frontier Market index, Reuters reported.

The 15 companies included names from the banking, oil and gas exploration, fertiliser and tech sectors.

The companies are Bank Alfalah, Engro Fertilizers, Fauji Fertilizers Co, Habib Bank, Hub Power Co, Lucky Cement, Mari Petroleum, MCB Bank, Millat Tractors, Pakistan Oilfields, Pakistan Petroleum, Pakistan State Oil, Systems Ltd, TRG Pakistan and United Bank, MSCI said.

Their addition to the MSCI Frontier Market Index will take place on Aug 31.

On Thursday, the KSE-100 index gained 903.76 points to close at 48,333.58 points.

Pakistan shares have been fluctuating since the country’s deal with the International Monetary Fund. The cash-strapped country secured a last-minute IMF deal to secure the necessary funds to improve the economy.

According to experts, the development surrounding the caretaker setup has been impacting the stock market. Prime Minister Shehbaz Sharif and Leader of the Opposition in the National Assembly Raja Riaz would again meet on Friday to deliberate on the names for the interim setup.

Many leaders in the previous government called for an economic expert at the position for the “continuity of economic policies.”

(With input from Reuters)