KARACHI: MSCI has retained OGDCL in the latest revision of its MSCI FM Pakistan Index while transferring Lucky Cement Ltd to the MSCI FM Pakistan Small-cap Index.
The changes, which will take effect from Feb 28, are part of the quarterly review by the international index provider, which creates and maintains performance benchmarks for global equity investors.
Passive investors often use MSCI indices for large fund allocations. Any change in these indices leads to a reshuffle in fund allocations. Money leaves outgoing stocks and is redirected to the incoming ones according to their respective weights in the index.
Pakistan’s weight in the MSCI FM Index is about 0.68 per cent. MSCI added Engro Corporation Ltd to the MSCI FM Pakistan Index.
Small-index stocks include the Hub Power Company Ltd, Lucky Cement Ltd, Systems Ltd, Fauji Fertiliser Company Ltd, United Bank Ltd, MCB Bank Ltd, Millat Tractors Ltd, TRG Pakistan Ltd, Mari Petroleum Company Ltd, Engro Fertilisers Ltd, Habib Bank Ltd, Pakistan Oilfields Ltd, Pakistan State Oil Company Ltd, Pakistan Petroleum Ltd, Bank Alfalah Ltd, Engro Polymer and Chemicals Ltd and Indus Motor Company Ltd.
Published in Dawn, February 11th, 2023