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MSCI updates

MSCI MSCI review MSCI Frontier Markets

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#1
Mansoor

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    Just in: MSCI May’14 semi-annual review – More companies, more good news

    · MSCI, a leading provider of investment decision support tools worldwide, announced the result of its May’14 Semi-annual meeting today. Besides the expected increase in Pakistan’s weightage due to reclassification of UAE and Qatar to MSCI Emerging Market (EM) from Frontier Markets (FM), it also include good news for Pakistan by introducing several new companies in the main as well as small cap index.

    · We believe the addition of new companies will further augments Pakistan’s weightage in the FM index which was already expected to double following i) UAE and Qatar reclassification and ii) introduction of new methodology.


    · To recall, first phase of the seven for the revised methodology for the MSCI Frontier Markets 100 Index will also coincide with the implementation of the decision in this semi-annual review. Amongst the major announced changes, the revised methodology

    i) requires a higher minimum free-float, and

    ii) caps the cumulative weight of the two largest countries in the MSCI Frontier Markets 100 Index to 40%.


    · In this review, there are 13 additions and 30 deletions from the MS FM Index. Of the total 23 deletions are result from the reclassification of the Qatar and UAE.

    · From Pakistan’s perceptive, 4 new companies were added to the main index while 1 is deleted.K-electric (KEL) and Pakistan Tobacco (PKAT) are the new introduction while Lucky Cement (LUCK) and Pakistan State Oil (PSO) are upgraded from small cap index. On the other hand, Hub Power (HUBC) is to deleted from the main index and downgraded to small cap index.

    · In the small cap index, there are 27 additions to and 39 deletions. Of the total, 9 new companies are of Pakistan, whereas 3 are deleted.

    · Besides, HUBC, which was downgraded from the main index, there were 8 new introductions from Pakistan. These companies include Abbot Lab (ABOT), Dawood Hercules (DAWH), Fauji Cement (FCCL), Habib Metro Bank (HMB), IGI Insurance (IGIIL), National Foods (NATF), Packages (PKGS) and Shell Pakistan (SHEL). Of the 3 deleted, two (PSO and LUCK) were upgraded to main index, while ICI Pakistan (ICI) was the only company to be eliminated from the MSCI.

    · All changes will be implemented as of the close of May 30’14.

    · A likely more than two-fold increase in Pakistan’s weightage in the FM index; attach higher probability for Pakistan to attracting incremental funds directed towards frontier markets, we believe.



    Shajar Research
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    #2
    Mansoor

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    KEL, LUCK, PSO and PAKT in MSCI FM, HUBC out

    According to the Index review announcement released by MSCI last night, K-Electric, Lucky Cement, Pakistan State Oil and Pakistan Tobacco have been added to the MSCI Frontier Markets Index (MSCI FM), while Hub Power Company has gotten deleted. As the addition of K-Electric and Pakistan Tobacco has come as a surprise, we advise investors to keep an eye out for movement in these stocks. Moreover, Bank Al-Habib has been left out contrary to expectations, however, we are not too concerned as the Bank is fundamentally strong and currently we have a Neutral stance on the scrip. We do not feel that the reported buying of foreigners in the scrip (through both the regular and NDM market) in the last few days has chances of getting reversed.



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    #3
    Poisonguy_99

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    +1 mansoor bhai fr update...lao mansoor bhai ka cheetah KEL :D ....9 to kero bhai aab ise :lol:
    WASIm!

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    Mansoor

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    View Postpoisonguy_99, on 15 May 2014 - 11:28 AM, said:

    +1 mansoor bhai fr update...lao mansoor bhai ka cheetah KEL :D ....9 to kero bhai aab ise :lol:

    Thanx Wasim bhai....... FCCL also lao hope to touch 18.50 at least
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    #5
    Mansoor

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    The MSCI Global Equity Indexes are widely tracked global equity benchmarks and serve as the basis for over 650 exchanged traded funds* throughout the world. The indexes provide exhaustive equity market coverage for over 75 countries in the Developed, Emerging and Frontier Markets, applying a consistent index construction and maintenance methodology. This methodology allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations.



    Calculated since 1969, the MSCI Global Equity Indexes have become integral tools in the investment processes of institutional investors around the world and are used:
    • for research;
    • in asset allocation models;
    • for benchmarking and conducting performance measurement analysis; and,
    • as the basis for index linked products such as indexed funds, exchange traded funds (ETFs), OTC and non-OTC derivatives, and futures and options contracts.

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    #6
    Mansoor

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    The MSCI Frontier Markets Indexes provide broad representation of the equity opportunity set while taking investability requirements into consideration within each market. MSCI classifies 34 countries as Frontier Markets, 26 of which are included in the MSCI Frontier Markets Index.




    The MSCI Frontier Market Indexes include large, mid and small cap representation and cover approximately 99% of the investable equity universe across all Frontier Markets countries.
    They are constructed using a building block methodology common to all MSCI Global Equity Indexes. The MSCI Frontier Markets Indexes can be segmented by size, sector and geography, allowing for consistent global views and cross regional comparisons. The MSCI Frontier Markets Indexes can also be combined with the MSCI Emerging Markets and MSCI All Country Indexes to create a range of extended regional and global composite indexes.
    The MSCI Frontier Markets 100 Index aims to capture the performance of frontier markets while putting a stronger emphasis on tradability compared to the broader parent index, the MSCI Frontier Markets Index. The MSCI Frontier Markets 100 Index is limited to 100 constituents at the time of an index review.
    Transparent, investable and replicable index construction

    MSCI Frontier Markets Indexes are calculated and maintained according to the rules-based MSCI Global Investable Market Indexes Methodology. The methodology applies liquidity screens and minimum size references (reflecting the specific structure of countries within the Frontier Markets) to help ensure that the MSCI Frontier Markets Indexes remain both investable and replicable.
    Market Classification
    MSCI regularly reviews the market classification of all countries included (or under consideration for inclusion) in its global equity universe based on extensive discussions with the investment community. Using the MSCI Market Classification Framework, MSCI examines each country’s economic development, size, liquidity and market accessibility in order to be classified in a given investment universe. Each June, MSCI communicates its conclusions on the list of countries under review and announces the new list of countries, if any, under review for potential market reclassification in the upcoming cycle.
    Country Coverage
    Coinciding with the May 2014 Semi Annual Index Review, Qatar and the United Arab Emirates will be reclassified as Emerging Markets from Frontier Markets.



    Note: Pakistan is included in MSCI Frontier Markets Index
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