Morgan Stanley Capital International (MSCI) Inc. has transferred three Pakistani stocks to its MSCI Frontier Markets Index (FMI), with the change set to take place on November 30.
“As previously announced, the MSCI Pakistan Indexes will be reclassified from Emerging Markets to Frontier Markets in one step coinciding with this Index Review. Three Pakistani securities will be added to the MSCI Frontier Markets Index at an aggregate weight of 1.25 per cent,” read a statement, released late on Thursday.
According to the details, three Pakistani stocks, including Habib Bank, Lucky Cement and MCB Bank, have been added to the MSCI Frontier Markets Indexes List following their removal from MSCI Global Standard Indexes.
Furthermore, a report by Business Recorder said that 14 Pakistani companies have been added to MSCI Pakistan Index Frontier Markets small-cap indexes.
They are Bank Alfalah, Engro Corporation, Engro Fertilizers, Fauji Fertilizer Co, Hub-Power Co, Mari Petroleum, Millat Tractors, Pakistan Oilfields, Pakistan Petroleum, Pakistan State Oil Co, Searle Pakistan, Systems, TRG Pakistan and United Bank.
Earlier, in September, Pakistan was downgraded from its status as an emerging market, a little over four years after it was reclassified from the Frontier Markets (FM) Index by MSCI.
