NBP replaces BoP in banking sector tradable index

KARACHI: The Pakistan Stock Exchange Limited (PSX) has carried-out the exercise of re-composition of Oil and Gas and Banking Sector Tradable Indices for the review period from July 1, 2020 to December 31, 2020.

According to a notice issued by PSX, there is no change in the Tradable Indices of oil and gas sector index. The incoming company in Banking Sector Tradable Index is National Bank of Pakistan (NBP), whereas Bank of Punjab (BoP) is outgoing. The tradable sector indices capture a minimum 80 per cent free float market capitalisation of the given sector without any minimum companies’ limit, said the statement.

The list of companies in the Recomposed Tradable Banking Index include Habib Bank Ltd., MCB Bank Ltd., United Bank Limited., National Bank of Pakistan, Bank AL-Habib Ltd., Bank Al-Falah Ltd., and Meezan Bank Ltd..

The list of companies in the Recomposed Tradable Oil and Gas includes Oil and Gas Development Company (OGDC) Ltd., Pakistan Petroleum Ltd. (PLL) and Pakistan Oilfields Ltd.

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The re-composition has been carried out on the basis of the criteria of selection of companies as detailed in the Brochure of Oil & Gas and Banking Sector Tradable Indices, which can be downloaded from the website of the Exchange, said the statement. The recomposed Index will be implemented w.e.f. February 15, 2021.

It is pertinent to mention here that Bank of Punjab has also lost place in the KSE-30 Index in new composition.

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