KARACHI, March 29: Board of Directors of the Karachi Stock Exchange in their meeting held on Monday reviewed and approved re-composition of the KSE-100 Index on the basis of Re-composition Rules and Procedure laid down for the purpose, a KSE press release said.

The revised index includes selection of companies from 34 sectors (excluding Open-End Mutual Fund) as against the earlier 27 sectors. According to the recomposed index the following 11 companies would be affected: In coming companies: (reasons for their inclusion given in brackets) Oil & Gas Development Company Limited (Value Based Rule), International Industries Limited (Value Based Rule), Bata Pakistan Limited (Value Based Rule), Ghani Glass Limited (Value Based Rule), Fauji Cement Company Limited (Market Capitalization Based Rule), Bosicor Pakistan Limited (Market Capitalization Based Rule), PNSC (Market Capitalization Based Rule), Kohinoor Textile Mills Limited (Market Capitalization Based Rule), Pakistan Reinsurance Company Limited (Market Capitalization Based Rule), Dewan Farooq Motor Limited (Market Capitalization Based Rule), and Arif Habib Securities Limited (Market Capitalization Based Rule).

The following are outgoing companies with reasons in the brackets: Haydery Construction Limited (merged with Miscellaneous Sector), Crescent Steel Industries Limited (Value Based Rule), Service Industries (Shoes) Limited (Value Based Rule), Baluchistan Glass Limited (Value Based Rule), Sapphire Fibres Limited (Market Capitalization Based Rule), Crescent Textile Mills Limited (Market Capitalization Based Rule), EFU General Insurance Company Limited (Market Capitalization Based Rule), Sapphire Textile Mills Limited (Market Capitalization Based Rule), Gillette Pakistan Limited (Market Capitalization Based Rule), Rupali Polyester Limited (Market Capitalization Based Rule), and Parke-Davis & Company Limited (Market Capitalization Based Rule),

The KSE press release stated that the net effect would be that 11 companies will leave the index while 11 new companies would enter.

The recomposed index, based on the prices of February 27, 2004 will capture the market capitalization to the extent of 88.01 per cent of the total market capitalization. The revised index will be implemented from April 1, 2004.