Karachi June 10 2024: Pakistan Stock Exchange Limited has carried-out the exercise of recomposition of KSE-Meezan 30 Index (KMI-30) for the review period from July 01, 2023 to December 31, 2023.
The re-composition has been carried out on the basis of the selection criteria as detailed in the brochure of KMI 30 Index.
As a result of this exercise, Shell (Pakistan) Limited, Nishat Mills Limited, Interloop Limited, NetSol Technologies Limited, Faysal Bank Limited and AirLink Communication Limited are added to index while Attock Petroleum Limited, Avanceon Limited, Cnergyico PK Limited, Colgate-Palmolive (Pakistan) Limited, Lotte Chemical Pakistan Limited and Oil & Gas Development Company Limited are removed from the index.
The recomposed index will be implemented w.e.f. Friday, June 14, 2024.
Oil & Gas Development Company Limited and Colgate-Palmolive (Pakistan) Limited are removed as these stocks does not meet Shariah Criteria of KMI-30. Due to the significant increase in circular debt and current economic situation, OGDC receivables are significantly increased which resulted in inflated liquid assets. Therefore, these are considered as Compliant and relaxation is provided over Illiquid assets to Total Assets ratio and/or Net Liquid Asset but fails to meet KMI-30 criteria.
