In its latest Quarterly Index Review (QIR), the investment research firm and stock markets index provider Morgan Stanley Capital International (MSCI) has announced changes in the constituents of its global indices, which will be effective from February 28, 2023.
According to Arif Habib Limited (AHL), Oil & Gas Development Company (OGDC) has retained its position in the MSCI FM Pakistan index whereas Lucky Cement Limited (LUCK) has been transferred to the MSCI FM Pakistan Small cap Index.
In addition, Engro Corporation Limited (ENGRO) has been added to the MSCI FM Pakistan Index.
Pakistan’s weight in the MSCI FM Index is at ~0.68 percent. Overall, the review is expected to be neutral for the market.
The MSCI also announced other changes in the MSCI Small cap index., whereby Searle Company Limited (SEARL) has been deleted from the index.
The Small index stocks now include Hub Power Company Limited (HUBC), LUCK, System Limited (SYS), Fauji Fertilizer Company Limited (FFC), United Bank Limited (UBL), Muslim Commercial Bank (MCB), Millat Tractors Limited (MTL), TRG Pakistan Limited (TRG), Mari Petroleum Company Limited (MARI), Engro Fertilizers Limited (EFERT), Habib Bank Limited (HBL), Pakistan Oilfields Limited (POL), Pakistan State Oil (PSO), Pakistan Petroleum Limited (PPL), Bank Alfalah Limited (BAFL), Engro Polymer & Chemicals Limited (EPCL), and Indus Motor Company Limited (INDU).
The MSCI first downgraded Pakistan from its status as an emerging market (EM) to a Frontier Market in September 2021, almost four years after its initial degradation to a higher level.
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