KARACHI, March 15: Karachi Stock Exchange (KSE) has added Pakistan Petroleum Limited (PPL), to its 100-share index, which has been re-composed and made effective from April 1.

An announcement by the KSE on Tuesday stated that PPL had been added to the index based on market capitalization rules. Under the same rule, three other companies also entered the index. Those included: Bank Alfalah Limited; Jahangir Siddiqui Investment Bank Limited and Dawood Lawrencepur Limited.

The KSE said in a notice to members that the management had carried out the re-composition exercise and the details of the changes in the KSE 100-share index companies in accordance with the decision of the Board of Directors of the KSE taken in the meeting held on March 29, 2004. In that meeting it was decided that the data for future review should be for the period March-August and September-February whereas re-composition should be announced independently by the KSE management based on approved criteria of the Board so as to be effective on October 1 and April 1 every year. “There is no need to take Board’s approval for inclusion and exclusion of the companies by name”, stated the KSE notification.

The incoming and outgoing companies were decided on the basis of the provision of re-composition rules of KSE 100 Index 1994 and the subsequent amendments made thereunder. The companies that left the index included: Southern Electric Power Company Limited; Rafhan Bestfoods Limited; Tri-Pack Films Limited and Dewan Farooque Motors Limited. The exit of all four was on market capitalization based rule.

The KSE says: “The recomposed index, based on the prices of February 28, 2005 will capture the market capitalization to the extent of 89.28 per cent of the total market capitalization,” and added that the revised index would be implemented from April 1, 2005.

Revised/recomposed list of KSE 100 companies to be implemented with effect from April 1, 2005 would include the following companies:

PICIC Growth Fund; Shakarganj Sugar Mills Limited; P NSC; PIAC “A”; Standard Chartered Modaraba; Attock Cement Pakistan Limited; Bestway Cement Limited; PTCL “A”; Chakwal Cement Co. Limited; WorldCALL Communication; Orix Leasing; Cherat Cement Co. Limited; D. G. Khan Cement Co. Ltd; Fauji Cement Company Ltd; Dawood Hercules Chemicals Ltd; Arif Habib Securities Limited; Lucky Cement Limited; Engro Chemical Pakistan Ltd; Jahangir Siddiqui & Co. Limited; Maple Leaf Cement Factory Ltd; Fauji Fertilizer Bin Qasim Ltd; Jahangir Siddiqui Investment Bank Ltd; Fauji Fertilizer Co. Limited; Javed Omer Vohra & Co. Limited; PICIC; Lakson Tobacco Co. Ltd; Pakistan Tobacco Co. Ltd; Abbott Laboratories Limited; Askari Commercial Bank Ltd; GlaxoSmithKline Pakistan Ltd; Bank Al Habib Limited; Bank Alfalah Limited; Bank of Punjab; Attock Refinery Limited; BOC Pakistan Limited; Faysal Bank Limited; Bosicor Pakistan Limited; Clariant Pakistan Limited; Metropolitan Bank Limited National Refinery Limited; Colgate Palmolive Limited; Meezan Bank Limited; Pakistan Refinery Limited; ICI Pakistan Limited; Muslim Commercial Bank Ltd; Pakistan PTA Limited; National Bank of Pakistan Ltd; Sitara Chemical Industries Ltd; PICIC Commercial Bank Ltd; KESC; Prime Commercial Bank Limited; Kohinoor Energy Limited; Saudi Pak Commercial Bank Ltd; Hub Power Co. Ltd; Century Paper & Board Limited; Soneri Bank Limited; Packages Limited; Union Bank Limited; Security Papers Limited; Shell Pakistan Limited; Adamjee Insurance Co. Ltd; Sui Northern Gas Pipeline Ltd; Wazir Ali Industries Limited; IGI Insurance Co. Ltd; Sui Southern Gas Co. Limited; New Jubilee Insurance Co. Ltd; Pakistan Reinsurance Co. Ltd; Bata Pakistan Limited; Mari Gas Company Limied; OGDC; Gadoon Textile Mills Ltd; Pakistan Oilfields Limited; Nestle Milkpak Limited; Pakistan Petroleum Limited; Rafhan Maize Products Limited; Unilever Pakistan Limited; Kohinoor Weaving Mills Ltd; International Industries Ltd; Ghani Glass Limited; Dawood Lawrencepur Limited; Al Ghazi Tractors Limited; Gul Ahmed Textile Mills Ltd; Atlas Honda Limited; Kohinoor Textile Mills Limited; Honda Atlas Cars Limited; Dreamworld Limited; Nishat (Chunian) Ltd; Indus Motor Company Ltd; Pakistan Services Limited; Nishat Mills Limited; Millat Tractors Limited; Pak Suzuki Motor Co. Ltd; Bannu Woollen Mills Limited; General Tyre & Rubber Co Ltd; Dewan Salman Fibre Limited; Gatron Industries Limited; Siemens Engineering Co. Ltd; Ibrahim Fibres Limited and Thal Limited.