AIRLINK 58.99 Increased By ▲ 0.49 (0.84%)
BOP 6.29 Increased By ▲ 0.03 (0.48%)
CNERGY 4.18 Increased By ▲ 0.22 (5.56%)
DFML 16.15 Increased By ▲ 0.14 (0.87%)
DGKC 68.25 Decreased By ▼ -0.30 (-0.44%)
FCCL 18.15 Increased By ▲ 0.30 (1.68%)
FFBL 25.63 Increased By ▲ 0.13 (0.51%)
FFL 9.30 Increased By ▲ 0.10 (1.09%)
GGL 10.00 Increased By ▲ 0.20 (2.04%)
HBL 115.15 Increased By ▲ 1.15 (1.01%)
HUBC 112.64 Increased By ▲ 0.79 (0.71%)
HUMNL 6.63 Increased By ▲ 0.10 (1.53%)
KEL 4.46 Increased By ▲ 0.09 (2.06%)
KOSM 4.83 Increased By ▲ 0.24 (5.23%)
MLCF 38.12 Increased By ▲ 0.32 (0.85%)
OGDC 127.30 Increased By ▲ 1.86 (1.48%)
PAEL 22.70 Increased By ▲ 0.15 (0.67%)
PIAA 11.22 Increased By ▲ 0.09 (0.81%)
PIBTL 6.29 Increased By ▲ 0.11 (1.78%)
PPL 109.30 Increased By ▲ 0.30 (0.28%)
PRL 27.74 Increased By ▲ 0.93 (3.47%)
PTC 10.90 Increased By ▲ 0.35 (3.32%)
SEARL 53.45 Increased By ▲ 0.75 (1.42%)
SNGP 67.58 Increased By ▲ 1.23 (1.85%)
SSGC 11.10 Increased By ▲ 0.08 (0.73%)
TELE 7.18 Increased By ▲ 0.04 (0.56%)
TPLP 11.92 Decreased By ▼ -0.08 (-0.67%)
TRG 77.10 Increased By ▲ 0.65 (0.85%)
UNITY 21.75 Increased By ▲ 1.34 (6.57%)
WTL 1.31 No Change ▼ 0.00 (0%)
BR100 6,505 Increased By 63.9 (0.99%)
BR30 22,379 Increased By 280.8 (1.27%)
KSE100 63,431 Increased By 615.2 (0.98%)
KSE30 21,350 Increased By 216 (1.02%)

KARACHI: MSCI in its semi-annual review announcement on November 10, removed MCB Bank (MCB) from main FM Index and added it to MSCI frontier market Small Cap Index. Pakistan has now only two constituents left in MSCI FM index which are Lucky Cement (LUCK) and Oil and Gas Development Company (OGDC).

MSCI did not notify Pakistan’s weight in MSCI index but it is now estimated at 0.7 percent, Umair Naseer at Topline Securities said. The changes to MSCI Frontier Market index will be effective from November 30, he added.

As per MSCI market classification framework, size and liquidity requirements for the constituents of Frontier Market Index include full cap market size of $1.0 billion; free float market capitalization of $91 million, and 2.5 percent of Annualized Traded Value Ratio (ATVR).

To recall, Pakistan was reclassified into MSCI Frontier Market from Emerging Market last year in November 2021. As per MSCI, Pakistan market had met the

Requirements for market accessibility under the classification framework for Emerging Markets however it no longer met the standards for size and liquidity which led to reclassification.

MCB’s profit before tax up 35pc in Q3 2022

Initially, MSCI had classified three (03) constituents from Pakistan which included Habib Bank (HBL), Lucky Cement (LUCK) and MCB Bank (MCB) in the main index.

However, in its last index review in May 2022, MSCI added OGDC in the main frontier market index and also removed HBL from the main index.

With addition of MCB into MSCI FM small cap index, the small cap index has now a total of 18 constituents which include BAFL, EFERT, ENGRO, EPCL, FFC, HBL, HUBC, INDU, MARI, MCB, MTL, POL, PPL, PSO, SEARL, SYS, TRG and UBL.

“We do not expect any major inflow/outflow from the development as stock market will continue to be dependent on Pakistan macro outlook and political developments.”

Copyright Business Recorder, 2022

Comments

Comments are closed.