The Karachi Stock Exchange (KSE) on Wednesday announced recomposition of the KSE 100-share index, to be effective from October 2.
According to a KSE notification, three companies would be excluded from the 100-index in principle including Kohinoor Textile Mills Ltd, Nishat (Chunian) Ltd and Telecard Ltd. Three companies will be included in the index, which are Meezan Bank Ltd, Kohat Cement Company Ltd and Pakistan International Container Terminal Ltd.
Notice reads, “Karachi Stock Exchange (Guarantee) Ltd has carried-out the re-composition exercise and the details of the changes in the KSE-100 index companies for the review period from March 2006 to August 2006, based on the re-composition rules of KSE-100 Index. The re-composition exercise has been carried out pursuant to the decision taken by the Board of Directors of the Exchange in their meeting held on March 29, 2004, whereby the management has been authorised to carry out the exercise of re-composition by itself.”
“The recomposed index, based on the prices of August 31, 2006 will capture the market capitalisation to the extent of 90.29 per cent of the total market capitalisation as compared to 90.08 of the current Index,” the notification said.
Source: The News