Big news for the people of Pakistan as much awaited MSCI 2017 classification review has been announced, with Pakistan now officially part of the MSCI EM index.
MSCI, is an international investment decision support tools. It upgraded Pakistan as emerging market from a frontier market status in its recent Semi-Annual Index Review. Pakistan gained this status after nine long years, with now its doors open to foreign investors. The index will be effective from June 2017.
Karachi Stock Exchange (KSE) rose to 636 points ahead of this expected upgrade. Analysts were anticipating that after the upgradation KSE will jump more points.
“The MSCI Pakistan Indexes will fully converge with the MSCI Provisional Pakistan Indexes, effective June 1, 2017,” said the press release issued early this morning. “There will be no additions to and ten deletions from the MSCI Pakistan Index. There will be eleven additions to and six deletions from the MSCI Pakistan Small Cap Index.”
After the decision, six large capitalization stocks having valuation more than $10B will become a part of the MSCI Pakistan Index.
- Oil and Gas Development Company
- Habib Bank Limited
- United Bank Limited
- Lucky Cement
- MCB Bank
- EngroCorporation
And companies with relatively small market capitalization were also included in MSCI Pakistan Index.
- Fauji Cement
- Engro Fertilizers
- Bank Alfalah
- Fauji Fertilizer Bin Qasim
- Fauji Fertilizer Company
- Ferozesons Laboratories
- Honda Atlas
- Hub-Power Company
- IGI Insurance
- Indus Motor Company
- International Steels
- DG Khan Cement
- KotAddu Power Company
- Maple Leaf Cement
- Millat Tractors
- National Bank of Pakistan
- National Refinery
- Nishat Mills
- Packages
- Pak Elektron
- Pak Suzuki Motor Company
- Pakistan Oilfields
- Pakistan State Oil
- Searle Pakistan
- Shell Pakistan
- Sui Northern Gas Pipelines
- Thal Jute Mills
Moreover, the KSE-100 index also rose after the Panama case verdict.
