Investment research firm and stock markets index provider Morgan Stanley Capital International (MSCI) has added 56 Pakistani-listed companies to its indices.
The reported change will be commissioned with immediate effect from 1 September onwards, according to research published by Topline Securities.
In a surprise move, MSCI in its Quarterly Index review announcement on August 10, 2023, added 15 Pakistan stocks to the MSCI Frontier Market Index and 41 stocks to the MSCI Frontier Markets Small Cap Index.
With the addition of 15 stocks to the MSCI FM index, the index has now a total of 17 constituents which includes OGDC, MARI, PPL, LUCK, MCB, UBL, ENGRO, HBL, POL, SYS, FFC, HUBC, EFERT, MTL, BAFL, PSO, and TRG. Earlier there were only two stocks namely OGDC and ENGRO.
Similarly, the MSCI FM Small Cap index has now a total of 41 constituents as shown in the table. Earlier there were 14 stocks in Frontier Small Cap Index.
Resultantly, Pakistan now has 58 stocks in the MSCI FM index, out of which 17 stocks are in the MSCI FM Index and 42 stocks are in MSCI FM Small Cap Index.
The following two tables give the full breakdown of PSX stocks on MSCI indices:
| MSCI Frontier Market Index | ||||||||
|---|---|---|---|---|---|---|---|---|
| SR No | Company Name | Symbol | Sector | Action | 6M ADTO | M.Cap | Performance | |
| (USD Million) | YTD FY24 | YTD CY23 | ||||||
| 1 | Oil & Gas Development Co Ltd. | OGDC | Oil & Gas Exp | No change | 2.2 | 1,462 | 29% | 32% |
| 2 | Mari Petroleum Company Ltd. | MARI | Oil & Gas Exp | Added | 0.3 | 780 | 6% | 10% |
| 3 | Pakistan Petroleum Limited. | PPL | Oil & Gas Exp | Added | 1.4 | 659 | 19% | 5% |
| 4 | Lucky Cement Limited. | LUCK | Cement | Added | 0.8 | 656 | 17% | 37% |
| 5 | MCB Bank Limited. | MCB | Banks | Added | 0.3 | 602 | 22% | 33% |
| 6 | United Bank Ltd. | UBL | Banks | Added | 0.6 | 602 | 36% | 88% |
| 7 | Engro Corporation Limited | ENGRO | Fertilizer | No change | 1.0 | 527 | 2% | 17% |
| 8 | Habib Bank Limited. | HBL | Banks | Added | 0.9 | 514 | 39% | 66% |
| 9 | Pakistan Oilfields Limited. | POL | Oil & Gas Exp | Added | 0.4 | 436 | 11% | 19% |
| 10 | Systems Limited. | SYS | Technology | Added | 0.7 | 435 | 5% | -11% |
| 11 | Fauji Fertilizer Co. Ltd. | FFC | Fertilizer | Added | 0.2 | 426 | -3% | 4% |
| 12 | Hub Power Company Limited. | HUBC | Power | Added | 0.8 | 374 | 23% | 52% |
| 13 | Engro Fertilizers Limited. | EFERT | Fertilizer | Added | 0.3 | 363 | -6% | 12% |
| 14 | Millat Tractors Limited. | MTL | Autos | Added | 0.2 | 279 | 9% | 47% |
| 15 | Bank Al Falah | BAFL | Banks | Added | 0.2 | 222 | 33% | 45% |
| 16 | Pakistan State Oil Co Ltd. | PSO | Oil & Gas Mark. | Added | 0.7 | 197 | 11% | -15% |
| 17 | TRG Pakistan Ltd. | TRG | Technology | Added | 1.3 | 192 | 8% | -9% |
| MSCI Frontier Market Small Cap Index | ||||||||
|---|---|---|---|---|---|---|---|---|
| SR No | Company Name | Symbol | Sector | Action | 6M ADTO | M.Cap | Performance | |
| (USD Million) | YTD FY24 | YTD CY23 | ||||||
| 1 | Faysal Bank | FABL | Banks | Added | 0.14 | 134 | 26% | 3% |
| 2 | Maple Leaf Cement | MLCP | Cement | Added | 0.63 | 120 | 13% | 42% |
| 3 | Kohat Cement | KOHC | Cement | Added | 0.09 | 117 | -4% | 13% |
| 4 | Unity Foods | UNITY | Foods | Added | 0.42 | 112 | 72% | 90% |
| 5 | Fauji Cement Co | FCCL | Cement | Added | 0.16 | 104 | 4% | 2% |
| 6 | Shell Pakistan | SHEL | Oil & Gas Mark. | Added | 0.41 | 100 | 16% | 25% |
| 7 | Sui North Gas Pipelines | SNGP | Oil & Gas Mark. | Added | 0.60 | 99 | 18% | 24% |
| 8 | National Foods | NATF | Foods | Added | 0.16 | 92 | 15% | 14% |
| 9 | Attock Refinery | ATRL | Refinery | Added | 0.85 | 90 | 42% | 70% |
| 10 | Cherat Cement | CHCC | Cement | Added | 0.25 | 89 | 10% | 31% |
| 11 | DG Khan Cement | DGKC | Cement | Added | 0.52 | 81 | 4% | 3% |
| 12 | Nishat Mills | NML | Textiles | Added | 0.22 | 81 | 16% | 20% |
| 13 | Kot Addu Power Company | KAPCO | Power | Added | 0.13 | 77 | 22% | 8% |
| 14 | Pioneer Cement | PIOC | Cement | Added | 0.47 | 74 | 8% | 81% |
| 15 | Avanceon | AVN | Technology | Added | 0.37 | 70 | 22% | -7% |
| 16 | international steels | ISL | Engineering | Added | 0.13 | 70 | 14% | 9% |
| 17 | Cnergyico Pk | CNERGY | Refinery | Added | 0.13 | 66 | 23% | -6% |
| 18 | Bankislami Pak | BIPL | Banks | Added | 0.19 | 66 | -3% | 41% |
| 19 | Fauji Fertilizer Bin Qasim | FFBL | Fertilizer | Added | 0.06 | 65 | 22% | -6% |
| 20 | Pak Aluminium Bev Cans | PABC | Misc. | Added | 0.09 | 62 | 10% | 28% |
| 21 | Mughal Iron & Steel | MUGHAL | Engineering | Added | 0.15 | 62 | 62% | 10% |
| 22 | Honda Atlas | HCAR | Autos | Added | 0.10 | 61 | 33% | -26% |
| 23 | Searle Pakistan | SEARL | Pharma | Added | 0.32 | 60 | 10% | -29% |
| 24 | National Refinery | NRL | Refinery | Added | 0.41 | 55 | 32% | 12% |
| 25 | Tariq Glass Industries | TGL | Glass | Added | 0.14 | 53 | 30% | 36% |
| 26 | Gul Ahmed Textile Mills | GATM | Textiles | Added | 0.08 | 47 | 2% | -12% |
| 27 | Bank Of Punjab | BOP | Banks | Added | 0.08 | 46 | 18% | -2% |
| 28 | Attock Cement Pakistan | ACPL | Cement | Added | 0.03 | 43 | 9% | 59% |
| 29 | Jahangir Siddiqui & Co | JSCL | Investment Co. | Added | 0.02 | 42 | 40% | 38% |
| 30 | International Ind | INIL | Engineering | Added | 0.08 | 42 | 25% | 30% |
| 31 | Lalpir Power | LPL | Power | Added | 0.08 | 40 | 100% | 126% |
| 32 | Pakistan Refinery | PRL | Refinery | Added | 0.40 | 36 | 23% | 28% |
| 33 | Pak Elektron | PAEL | Cable | Added | 0.12 | 33 | 21% | -16% |
| 34 | Air Link Communication | AIRLINK | Technology | Added | 0.18 | 32 | 17% | -22% |
| 35 | Nishat Power | NPL | Power | Added | 0.07 | 31 | 48% | 54% |
| 36 | Nishat Chunian Power | NCPL | Power | Added | 0.08 | 28 | 33% | 56% |
| 37 | Engro Powergen Qadirpur | EPQL | Power | Added | 0.03 | 27 | 7% | -2% |
| 38 | TPL Properties | TPLP | Property | Added | 0.41 | 27 | 10% | -5% |
| 39 | Netsol Technologies | NETSOL | Technology | Added | 0.24 | 27 | 15% | 0% |
| 40 | Pakistan Intl Bulk | PIBTL | Transport | Added | 0.06 | 25 | -1% | -14% |
| 41 | Hum Network | HUMNL | Technology | Added | 0.04 | 23 | -1% | -1% |
After rebalancing, the Topline report estimates Pakistan’s weight to likely increase from 0.6 percent to around 2-3 percent. The changes to the MSCI Frontier Market index will be effective from August 31, 2023.
To recall, Pakistan was reclassified into MSCI Frontier Market from Emerging Market in Nov 2021.
Now, foreign participants’ interests are back in Pakistan. In the last 6 weeks, foreign corporates have done net buying of US$ 27 million. Pertinently, the Pakistan Central Bank has been smooth in remitting foreign portfolio investment funds.
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