London August 21 2023: FTSE has taken actions concerning Pakistani stocks, with 12 being removed, 2 downgraded, and 1 added to its Global Equity Index Series.
As part of its Semi-Annual Review, FTSE Global has conducted a rebalancing of the FTSE Global Equity Index Series, specifically focusing on the Asia Pacific ex Japan ex China Regional Index, Japan Regional Index, and China Regional Index.
In this review, PPL has been moved down from the Mid to the Small cap stock list, while MCB has been downgraded to the micro stocks list. MCB's shift to the microcap list is due to its failure to meet liquidity criteria. On the other hand, Meezan Bank has been included in the FTSE microcap stock list.
Additionally, FTSE has made the decision to eliminate several stocks from its micro index. These removed stocks include Adamjee Insurance, Aisha Steel Mills, Avanceon, Cnergyico PK, Fauji Fertilizer Bin Qasim, GlaxoSmithKline Pakistan, Gul Ahmed Textile Mills, Hascol Petroleum, K-Electric, National Foods, Pakistan Stock Exchange, and Shell Pakistan.
National Foods was removed from the index because it was unable to maintain the required microcap liquidity criteria. Adamjee Insurance and Pakistan Stock Exchange were deleted due to their failure to meet the microcap investable market cap and microcap liquidity criteria. All other stocks were taken out as they did not meet the criteria for microcap investable market cap.
These changes will come into effect after the close of business on Friday, September 15, 2023, specifically on Monday, September 18, 2023.