Strategy Paper

ON

ENHANCING KSE-100 INDEX TO

FREE FLOAT METHODOLOGY

Index Expert Committee of Karachi Stock Exchange

Section 1

executive summary ............................................................................. 1-1

Section 2

THE KSE 100 INDEX ............................................................................ 2-3

2.1
What is KSE-100 ................................................................................................... 2-3
2.2
Stock Selection Rules ........................................................................................... 2-3
2.2.1
Sector Rule ...................................................................................................... 2-3
2.2.2
The Largest Capitalization Rule ...................................................................... 2-3
2.2.3
The Default Counter and Non Tradable Rule ................................................. 2-4
2.3
The Existing Calculation Methodology .................................................................. 2-4

Section 3

the free float methodology ................................................................. 3-5

3.1
Why Should we Migrate on Free Float Float Methodology ................................... 3-5
3.1.1
Government Holdings...................................................................................... 3-6
3.1.2
Cross Holding .................................................................................................. 3-7
3.1.3
Other Considerations ...................................................................................... 3-7
3.1.3.1 Dividend Adjustment .................................................................................... 3-7
3.1.3.2 Review Periods ............................................................................................ 3-7
3.1.3.3 Excluding Illiquid Stocks .............................................................................. 3-7
3.1.4
Free Float Implementation Methodology......................................................... 3-7
3.2
Migrations In Other Jurisdictions ......................................................................... 3-10
3.2.1
India ............................................................................................................... 3-10
3.2.2
Hang Seng (Hong Kong) ............................................................................... 3-10
3.2.3
Euronext - CAC-40 ........................................................................................ 3-10
3.2.4
A summary of other Jurisdictions: ................................................................. 3-10

Section 4

migration plan ................................................................................... 4-11

4.1
Proposed Implementation Plan ........................................................................... 4-11
4.1.1
First Quarter 2012 ......................................................................................... 4-11
4.1.2
Second Quarter 2012 .................................................................................... 4-11
4.1.3
Third Quarter 2012 ........................................................................................ 4-11

Section 5

AnnexureS ......................................................................................... 5-12

Appendix A GOVERNMENT HOLDINGS IN KSE 100 INDEX ............................... 5-12

Appendix B CROSS HOLDINGS IN KSE-100 INDEX .............................................. 5-1
Appendix C DIVIDEND ADJUSTMENT PRACTICES .............................................. 5-1
Appendix D REVIEW PERIODS ............................................................................... 5-1
Appendix E

PRACTICES IN OTHER JURISDICTIONS ........................................... 5-1

Index Expert Committee of Karachi Stock Exchange

ii

Section 1

EXECUTIVE SUMMARY
The Karachi Stock Exchange is the leading the Capital Market of Pakistan which is offering efficient,
transparent and fair way of trading of Securities, its Diversified product portfolio can be compared
with any market in the region, as it enjoys full confidence of local and foreign investor. The KSE-100
index is the full Market Capitalization based performance benchmark of the Pakistans largest and
most liquid stock market. Therefore, the discussions about Pakistans Capital Market performances
are always based on KSE-100 index. KSE-100 index is regarded as vital source of foreign
investment in the Capital Market.
In order to strengthen the Capital Market, increase the transparency, and enhance investor
protection and to augment the Invest-ability of KSE-100 index, it is really important that existing KSE
100 index methodology is switched to free float methodology. International best practices reveal that
Free Float Methodology driven Benchmarks are more representative and appropriate short-hand of
the market and, therefore, are more acceptable to international fund managers.
Whereas most of the developed markets are dominated by a limited number of large cap stocks, our
Market is cramped by a multitude of small cap stocks. The world perceives this as a feature for
increased speculation with a likelihood of manipulation which may expose exotic investors to
undesirable risks. After fourteen months of continuous outflows (in the wake of 2008 syndrome), it
was June 2009 that our market started observing net foreign inflows mainly because of Pakistans
inclusion in Frontier Markets of MSCI global indices series, since then Pakistan has observed
increased net inflows and foreign holding as a percentage of Free Float weighted market
capitalization at an all time high of 33%.
Our market is currently structured in a manner that it supports the dominance of illiquid / low free float
stocks, as KSE-100 index is driven by shares which are not freely available for trading. Interestingly,
the awareness of Free Float is not an issue, because the exchange launched its first Free Float
index in 2006. Moreover, Free Float based position limits were first introduced in CFS-MKII in 2006,
and as of now all derivatives including MTS have Free Float based position limits which are
applicable at Client, House and at Market Level.
The Index Experts Committee of the Exchange in its meeting No 1 of 2012 decided to recommend to
the Governing Board of Directors of the Exchange to consider moving KSE-100 into Free Float
Methodology on account of above and given below reasons:
(a) It is the international trend
(b) It is more representative
Index Experts Committee of Karachi Stock Exchange

1-1

(c) It reduces chances of manipulation

(d) It enhances transparency
(e) It is more acceptable to international investors.
The KSE Board has accepted the proposal of Index Experts Committee. This strategy paper is
th

released on 7 day of May 2012 and is seeking investment communities comments on the KSE-100
Index migration plan. The comments may be sent to sani.khan@kse.com.pk

Index Experts Committee of Karachi Stock Exchange

1-2

Section 2

THE KSE 100 INDEX

2.1

What is KSE-100

Karachi Stock Exchange 100 Index (KSE-100 Index) is a leading stock market index of Pakistan,
which acts as a benchmark for comparing prices at KSE over a period of time. The primary objective
of the KSE-100 index is to have a benchmark by which the stock price performance can be
compared to over a period of time. In particular, the KSE 100 is designed to provide investors with a
sense of how the Pakistan equity market is performing. Thus, the KSE-100 is similar to other
indicators that track various sectors of the Pakistan economic activity such as the gross national
product, consumer price index, etc.
The KSE-100 Index was introduced in November 1991 with base value of 1,000 points. The Index
comprises of 100 companies selected on the basis of sector representation and highest market
capitalization, which tracks over 90% of the total market capitalization of the companies listed on the
Exchange.

2.2

Stock Selection Rules

The selection criteria for stock inclusion in the existing KSE-100 Index is based on three main filters,
namely sector rule, capitalization rule and default rule (details given below). The top sector
companies may also qualify for inclusion on the basis of their market capitalization. In other words,
companies may qualify solely under rule 1, solely under rule 2, or under both. The fact that the sector
rule is identified as Rule 1 does not imply that it is more important, only that the nature of the
selection process is such that it is the screening that is done first.

2.2.1

Sector Rule

Largest market capitalization in each sector of KSE excluding Open-end Mutual Fund Sector is
considered for inclusion in KSE-100. Sector rules govern the selection (or deletion) of companies on
the basis of being the top capitalization stock in all KSE sectors (excluding Open-end Mutual Fund
sector).

2.2.2

The Largest Capitalization Rule

The remaining index places are taken up by the largest market capitalization companies in
descending order. Capitalization rules govern the selection (or deletion) of companies on the basis of
being among the largest capitalization companies in the stock market. Only one rule applies heretime based rule.

Index Experts Committee of Karachi Stock Exchange

2-3

2.2.3

The Default Counter and Non Tradable Rule

Company which is on the Defaulters Counter and/or its trading is suspended; is declared NonTradable (i.e. NT) in preceding 6 months is not considered in the re-composition of existing KSE-100
Index

2.3

The Existing Calculation Methodology

The KSE-100 index is a basket of price and the number Outstanding Shares. The value of the basket
is regularly compared to a starting point or a base period. In our case, the base period is 1st
November, 1991. To make the computation simple, the total market value of the base period has
been adjusted to 1000 points. Thus, the total market value of the base period has been assigned a
value of 1000 points.
An example of how the KSE-100 Index is calculated can be demonstrated by using a three-stock
sample.
First, a starting point is selected and the initial value of the three-stock index set equal to 1000.
Taking stock As share price of Rs. 20 and multiplying it by its total common shares outstanding of 50
million in the base period provides a market value of one billion Rupees.
This calculation is repeated for stocks B and C with the resulting market values of three and six
billion Rupees, respectively. The three market values are added up, or aggregated, and set equal to
1000 to form the base period value. All future market values will be compared to base period market
value in indexed form.

Index Experts Committee of Karachi Stock Exchange

2-4

Section 3

THE FREE FLOAT METHODOLOGY

Under the Free-Float Methodology, only the Free-Float Market Capitalization is considered for
calculating the index as against the full market capitalization method currently in use. Free-Float
Market Capitalization is that proportion of total shares issued by the company, which is actually
available for trading in the Market.

3.1

Why Should we Migrate on Free Float Float Methodology

Free Float Capitalization is superior to Full Capitalization as it effectively transposes the trading
activity and liquidity based on the actual ownership of shares of the listed stocks. The transparency
of ownership data is an essential element and a key reason for adopting the free float in any market.
The stakes held by index companies amongst one and other index is rampant amongst all
developing markets, including Pakistan. Fauji Fertilizer, Nishat Mills, KOHINOOR Textile and
AZGARD nine are some of the companies which currently have cross holdings in other KSE-100
index companies as per latest accounts (See Appendix B for KSE-100 Cross Holdings). The existing
index calculation methodology takes entire market capitalization of the index basket into account.
However, in case of proposed Free Float based Methodology; such cross holdings are deducted in
order to represent the free invest-ability of a stocks.
The shareholding pattern in Pakistan is yet another reason why should we move onto free float
methodology. The available free float in majority of the companies listed in US is above 90%,
whereas in Pakistan it is around 25% and in India it is about 50%. It has been observed that
foreigners are more comfortable in tracking the free float benchmark indices compared to full cap
benchmark indices. We experienced such a preference by Global X (an international issuer) who
was willing to launch ETF at NYSE which was linked to our capital market. The issuer preferred
KSE-30 index over KSE-100 index, and therefore, the proposed free float index appear to be more
relevant for foreigners.
Our Shareholding pattern reflects that majority of our corporate sector and listed companies are
closely held setup which has certain bearings on the economy and rapport of the bourse. Closely
held setups often require subjective management of issues in a very specific and precise manner
such as the one that KSE board applied capping in KESC vide its notice number KSE/N-5628 in
November 2005 and observed that KESC being a closely held company which usually converts its
debt into equity by giving right shares to creditors. Should be capped to in order to KSE-100 index
more representative.

Index Experts Committee of Karachi Stock Exchange

3-5

The notice specifically stated that The share capital of KESC is reduced in KSE indices from 8.80
billion shares to 2.266 billion shares i.e. prior to the conversion of government of Pakistans debt into
equity by 6.534 billion shares.

3.1.1

Government Holdings

Due to widespread government ownership, Pakistan has a very low float ratio, averaging just fewer
than 20% from 2007 through 2012.
Every stock market in the world has non-tradable shares, such as cross-holdings, governmentowned shares and private holdings. To accurately represent a stocks liquidity and investability, an
index must account for free float the proportion of freely tradable shares available to investors.
With the growth of index-based investment at the global level in which traditional benchmark indexes
serve as portfolio models, all four leading global index providers switched or began the switch from
full market value calculation to float-adjusted methodologies in the late 1990s.
As of December 31, 2001, the Dow Jones World Index included of over 4,000 stocks with a total
market cap of over $23 trillion and a float-adjusted market value of nearly $20 trillion. The average
free-float ratio was 86.2%86.4% for developed markets and 77.5% for emerging markets. Among
seven developed markets, the U.S. has the highest free-float ratio at 93.9%, while Hong Kong has
the lowest at 48.5%. The U.K., if examined separately from Europe, has the highest ratio of any local
market in the DJGI family at 95.1%.
In contrast, the float ratio in Pakistans market is extremely low due to wide-spread government
ownership. As an existing state-owned enterprise converts to a listed corporation, only one-third of its
shares are typically issued to the public. The rest remain in the hands of either the government or the
business itself and are not allowed to trade.
Generally speaking, stock markets in Asia such as Hong Kong and Singapore tend to have relatively
low free-float ratiosprobably because of cultural and historical reasonsbut have never dropped to
the levels that are standard in Pakistan. On the other hand, although more than two thirds of
outstanding shares are not tradable in Pakistan at this time.
Does the impressive performance of Pakistans market come from its abnormally low free-float ratio?
Or it would perform even better with a high float ratio? So far there is no clear evidence to support
any suppositions in this regard.
When the index calculation method is changed to free-float adjusted from full market cap, the weight
of the stocks in the index shifts from low to high float-ratio stocks. Without the evidence on a global
basis, it is hard to determine if this would help or hurt index performance. But in Pakistan, the depth
and breadth of government ownership of publicly traded companies is truly unique, the government
ownership details are given in the matrix below.

Index Experts Committee of Karachi Stock Exchange

3-6

Developed markets indicate a significantly lower government ownership percentage. It is a serious

obstacle to the healthy development of Pakistans economy and stock market, but it is hard to find an
easy solution to this historical issue.
Like all other economic phenomena, the valuation of a stock market is dependent on the equilibrium
of supply and demand. A sudden boom in supplyin this case, the availability of stocks for trading
inevitably leads to a market drop if demand fails to increase accordingly. There is the possibility that
a shift from full market-cap weighting to float-adjusted weighting could cause a disturbance in the
marketplace by flooding the market with shares as investors shift their portfolios to reflect the
indexes. Faced with an explosion of available shares, any market would be at risk of a collapse.
Details of government holdings in KSE listed companies are given in Annexure A.

3.1.2

Cross Holding

The free float methodology accounts for the Cross holdings of stocks in the index and only accounts
for the proportion of shares that are held by investors who are likely willing to trade. In the existing
KSE-100 Index, the details of cross holding of shares are given in Annexure B.

3.1.3

Other Considerations

3.1.3.1

Dividend Adjustment

Karachi Stock Exchange research of over a dozen Stock Exchanges including Sensex, Hong Kong
(Hang Seng Indexes), New Zealand (NZX-50), Philippines Stock Exchange (PSEI Index), South
Africa (FTSE/JSE Top 40 Index), Israel (TA-25), Brazil Bovespa Index (Ibovespa), S&P 500, Japan
(Topix), NYSE Composite Index, Wellington, Delhi and Kuala Lumpur stock exchanges to evaluate if
the dividends are adjusted or reinvested in the market performance benchmark indices of those
bourses has indicated that all except Philippines Stock Exchange and South Africa reinvested
dividends in the indices. Details of the findings are given in Annexure C.

3.1.3.2

Review Periods

KSE Research (given in Annexure D) on leading benchmark indices around the world to study their
review periods has indicated that most of the developed markets have a quarterly review period.

3.1.3.3

Excluding Illiquid Stocks

The scrip which have not been traded on atleast 80% of the trading day in the given review period
are excluded from the index.

3.1.4

Free Float Implementation Methodology

Free float is defined as that portion of equity capital of the company that is available for trading in the
normal course, the remaining being held by promoters and other interested and special categories of
investors. The full cap methodology includes the total number of shares issued by the company in
Index Experts Committee of Karachi Stock Exchange

3-7

the index calculation, whereas in case of free float index, only those shares which are readily
available for trading are considered. Thus the market capitalization of the closely held companies
would be significantly reduced.
All the listed companies of Karachi Stock Exchange are required to submit their pattern of
shareholding. Shareholdings held by investors that would not, in the normal course come into the
market for trading shall be treated as Controlling / Strategic Holdings and their holdings shall not be
included in the Free-Float. In specific, the listed companies are advised to calculate their Free-Float
based on the formula below:

Total Outstanding
Shares held by Directors/sponsors
Government Holdings as promoters/acquirers/controllers
LESS Shares held by Associated Companies (Cross holdings)

XXX
XXX
XXX
Shares held with general public in Physical Form
XXX
Shares held by directors, Govt. holding, associates and in physical form

Index Experts Committee of Karachi Stock Exchange

XXX

XXX
XXX

3-8

Subsequently, the Exchange determines the Free-Float factor (in the multiple of 5) and adjusts the
free float capitalization of each company by rounding off to the higher multiple of five for the following
twenty bands:

% Free-Float

Free-Float Factor

>0 5%

0.05

>5 10%

0.10

>10 15%

0.15

>15 20%

0.20

>20 25%

0.25

>25 30%

0.30

>30 35%

0.35

>35 40%

0.40

>40 45%

0.45

>45 50%

0.50

>50 55%

0.55

>55 60%

0.60

>60 65%

0.65

>65 70%

0.70

>70 75%

0.75

>75 80%

0.80

>80 85%

0.85

>85 90%

0.90

>90 95%

0.95

>95 100%

1.00

For instance, free float shares of ABOT are around 21.12 per cent of its total outstanding shares.
However, for the purpose of calculation of the index, in the existing full market capitalization
methodology, entire 97.9 Million shares of ABOT are considered. As the free float ratio of 21.12%
falls in the range of fifth band of free float factor matrix (given above), the percentage value of 25 will
used to determine the useable free float using the following formula:

97,900,302 X 25
100

24,475,075

At this stage the number of shares readily available with CDC is checked and the lower of 25%
shares in numbers or number of shares available with CDC are considered.
Index Experts Committee of Karachi Stock Exchange

3-9

In this particular case of ABOT, the shares available with CDC i.e. 19,338,468 are less than the 25%
shares i.e. 24,475,075 and hence the lower value of 19,338,468 shares are considered final free float
number of shares which are considered.
The only problem with banding approach is that it may lead to inconsistent weightings thereby
resulting in heavier free float weightage to be assigned to companies falling in the same band.

3.2
3.2.1

Migrations In Other Jurisdictions

India

BSE decided to move onto the free-float methodology from the full market capitalization method in
September 2003, after serving a 90 days notice.
Later in June 2009, NSE also announced to compute its benchmark Nifty, CNX 100 and CNX Defty
using the free-float market capitalization methodology by serving a 90 days notice. India defines the
Free-float market capitalization in the similar manner which is currently applicable in Pakistan.

3.2.2

Hang Seng (Hong Kong)

After extensive consultation process over two years, the HSI Services Limited announced the
revamping of the HANG SENG "HSI" in June 2006, and concluded its migration process in a
years time.

3.2.3

Euronext - CAC-40

CAC40 Index was converted to Free-Float based Index in December 1, 2003 after having served
a notice of six months. The conversion was made with a cap on individual stocks @ 15% of the
total free-float capitalization of the index, so as to avoid excessive weighting on any individual
stock. If the weight of a stock exceeded this limit, it was brought down to 15% by application of a
capping factor. Euro next also formed a steering committee and has extended powers to make
exceptional revisions in capping factors on YOY basis.

3.2.4

A summary of other Jurisdictions:

KSE Research (given in Annexure E) on around twenty leading benchmark indices around the world
to study their methodology basis (free float or market capitalization) has indicated that most of the
developed markets have Free-float based benchmark indices.

Index Experts Committee of Karachi Stock Exchange

3-10

Section 4

MIGRATION PLAN
4.1

Proposed Implementation Plan

In order to implement this Business Plan, the newly established Business Development Division shall
strive to adhere the following milestone of the implementation plan.

4.1.1

First Quarter 2012

Approval from IEC by March 10, 2012

Skeleton Paper (Skeleton document) approval from IEC by March 20, 2012

Approval from KSE Board March/April 2012

4.1.2

Second Quarter 2012

Placement of WHITE Paper on KSE website by Mid April 2012

Awareness Presentation to KSE Members

Parallel Run of FF based KSE-100 with conventional KSE-100 Index from May 31, 2012

Receipt of Comments on Strategy paper by June 15, 2012

Compilation of Comments (15-30, June 2012)

4.1.3

Third Quarter 2012

Index Expert Committee to review the parallel run, industry comments by July 10, 2012

Launch of Free Float Based KSE-100 Index on August 14, 2012

Index Experts Committee of Karachi Stock Exchange

4-11

Section 5

ANNEXURES
Appendix A

GOVERNMENT HOLDINGS IN KSE 100 INDEX

Index Experts Committee of Karachi Stock Exchange

5-12

Appendix B

CROSS HOLDINGS IN KSE-100 INDEX

Index Experts Committee of Karachi Stock Exchange

5-1

Appendix C

DIVIDEND ADJUSTMENT PRACTICES

Index
SENSEX

HONG KONG (HANG SENG INDEXES)

NEW ZEALAND (NZX-50)
PHILIPPINES STOCK EXCHANGE (PSEI INDEX)
SOUTH AFRICA (FTSE/JSE TOP 40 INDEX)
ISRAEL (TA-25)
BRAZIL BOVESPA INDEX (IBOVESPA)
S&P 500
JAPAN (Topix)
NYSE Composite Index
WELLINGTON
DELHI
KUALA LUMPUR

Index Experts Committee of Karachi Stock Exchange

Dividend Adjustment Methodology

No Dividend adjustment made. Only corporate actions (e.g.
Bonus, Rights and Newly Issued Capital) are made wherein the
base value is adjusted, which is used to alter market capitalization
of the component stocks to arrive at the SENSEX value (page 5)
Total Return Index
Total Return Index
Capital Return Index
Capital and total return versions of the index are available
Total Return Index
Total Return Index
A "total return" and "net total return" versions of the index are
available.
total return index as well as price return index available
total return index as well as price return index available
Total return index
Total Market Capitalization Value
Full Market Capitalization

5-1

Appendix D

REVIEW PERIODS

Indices

Review period

NEW ZEALAND (NZX-50)

Quarterly Review

PSE

Quarterly Review

SOUTH AFRICA (FTSE/JSE

TOP 40 INDEX)

Quarterly Review

SENSEX

Quarterly Review

AUTSRALIA S&P/ASX

Yearly

HONG KONG (HANG SENG

INDEXES)

Must be among those companies that constitute the

top 90% of the total turnover of all primary listed
shares on the SEHK (turnover is aggregated and
individually assessed for eight quarterly sub-periods
over the past 24 months);

IBOVESPA

Quarterly Review

Index Experts Committee of Karachi Stock Exchange

5-1

Appendix E

PRACTICES IN OTHER JURISDICTIONS

COUNTRY
HONG KONG (HANG SENG INDEXES)
NEW ZEALAND (NZX-50)
PHILIPPINESPSEI INDEX
SOUTH AFRICA (FTSE/JSE TOP 40 INDEX)
INDIA (SENSEX)
ISRAEL
MOROCCO (MADEX FREE FLOAT INDEX)
BRAZIL BOVESPA INDEX (IBOVESPA)
JAPAN (TOPIX)
S&P 500
EGYPT (CASE-30) NOW (EGX 30)
CHINA (SSE COMPOSITE INDEX)
KOREA STOCK EXCHANGE (KOSPI)
TAIWAN STOCK EXCHANGE (TWSE)
TURKEY (ISE 100 INDEX)
AUSTRALIA(S&P ASX 200
INDONESIA (JCI)

Index Experts Committee of Karachi Stock Exchange

FF

FULL CAP

5-1

FREE FLOAT BASED KSE 100 AS ON 28

S#

Name

1 Allied Bank LtdXDXB

Symbol

ABL

Market Capt
. (million)

59,619.55

WTG

1.86%

TH

MARCH 2012

Closing Price
as on
(28th March
2012)

Free Float
Shares

62.21

2 Abbott Laboratories

ABOT

9,790.03

0.31%

100

3 Attock Cement

ACPL

6,451.36

0.20%

75.99

6,475.10

0.20%

16.64

5 AL-Ghazi TractorXD

AGTL

7,803.67

0.24%

181.05

7 Adamjee Ins
8 Askari Bank XB
9 Attock PetroleumXD
10 Atlas Honda Ltd.

AICL
AKBL
APL
ATLH

13,076.25
7,143.94
11,504.96
31,014.14
10,419.78

0.41%
0.22%
0.36%
0.97%
0.33%

0.06%
2,515,241

455.38

123,750,000

3,979.80

0.51%

55.09

0.53%
74,222,726

4,088.93

353,509,167

4,839.54

13.69

0.62%

445

0.79%
13,824,000

6,151.68

7,193,504

1,023.13

142.23

ATRL

11,019.86

0.34%

130.55

12 Bank Al-Falah XD

BAFL

21,775.38

0.68%

16.06

0.13%
0.50%
29,852,550

13 Bank AL-HabibXB

BAHL

27,765.43

0.87%

27.04

14 Bata (Pak) Ltd.

BATA

4,384.80

0.14%

602

16 Byco Petroleum
17 Colgate Palmolive
18 Clariant Pak XD
19 Dawood HerculesXD

BYCO
COLG
CPL
DAWH

8,849.62
30,516.78
4,913.37
18,890.52

Index Experts Committee of Karachi Stock Exchange

0.37%
0.28%
0.95%
0.15%
0.59%

10,833.72
1.93%

555,712,708

11,910.96

3,897.25
1.39%

674,578,125

BWCL

1,306.01

32.16

11 Attock RefXD

15 Bestway Cement

1,316.08
0.17%

78,486,000

AHCL

1,933.85
0.17%

17,319,088
AGL

5,351.99
0.25%

19,338,468

4 Agritech Limited

FFWTG

0.69%
86,031,092

6 Arif Habib Co SD

FFMkt Cap
(million)

15,026.47
0.20%

2,646,000

1,592.89

41,112,301

890.08

21.65

0.11%

8.95

0.17%
146,678,811

1,312.78

1,816,475

1,479.85

814.68

0.19%

145.4

0.14%
7,405,746

1,076.80

144,386,135

5,804.32

40.2

0.75%
5-2

20 D.G.K.Cement
21 Dreamworld
22 EFU General Ins
23 EFU Life Assur
24 Engro CorpXDXB
25 Engro Polymer
26 East West Ins.XB
27 Faysal Bank

DGKC
DREL
EFUG
EFUL
ENGRO
EPCL
EWIC
FABL

15,268.45
15,725.44
10,506.25
6,978.50
51,878.50
7,430.85
6,738.37
9,974.17

0.48%
0.49%
0.33%
0.22%
1.62%
0.23%
0.21%
0.31%

34.59

1.07%
240,965,515

8,335.00

14,600

7.55

517.28

0.00%

84.86

0.75%
68,750,000

5,834.13

21,250,000

1,763.96

83.01

0.23%

101.9

3.01%
230,071,247

23,444.26

110,585,641

1,260.68

11.4

0.16%

223.38

0.09%
3,016,548

673.84

288,509,138

3,257.27

11.29

28 Fatima Fert.Co.

FATIMA

46,500.00

1.45%

23.56

29 Fauji Fert BinXD

FFBL

38,494.67

1.20%

41.07

0.42%
0.91%
300,000,000

1.72%
326,938,500

30 Fauji Fertilizer

FFC

152,808.52

4.77%

118.57

31 Feroze 1888 Mills

FML

3,962.70

0.12%

32.11

GHGL

33 GlaxoSmithKlineXDXB GLAXO
34 Grays of Cambridge
35 Habib Bank XDXB
36 Habib MetropXD

GRAYS
HBL
HMB

5,041.84
16,318.16
208.56
133,422.96
17,027.26

0.16%
0.51%
0.01%
4.17%
0.53%

0.22%
52,914,434

1,699.08

37,339,093

1,680.63

0.22%

71.42

0.34%
36,951,654

2,639.09

734,934

20.22

27.51

0.00%

108.06

1.68%
121,227,480

13,099.84

419,132,592

6,794.14

16.21

HUBC

43,844.58

1.37%

36.63

38 Ibrahim Fibres

IBFL

12,420.28

0.39%

41.4

0.87%
4.35%
925,723,510

40 Indus Dyeing

ICI
IDYM

17,636.22
7,335.59

0.55%
0.23%

IGIIL

5,716.22

Index Experts Committee of Karachi Stock Exchange

0.18%

33,909.25
0.08%

15,525,350

642.75

30,968,833

4,057.23

131.01

0.52%

427.23

0.10%
1,807,373

41 IGI Insurance Ltd.

82,967.11

45.01

37 Hub Power Co.XD

39 ICI Pakistan

13,427.36
10.65%

699,731,036

32 Ghani Glass Ltd

7,068.00

772.16

51

0.25%
5-3

37,871,123
42 Indus Motor

INDU

18,783.83

0.59%

238

Company
43 Fauji Cement

Company Limited
44 Inter.Steel Ltd.
45 J.D.W.Sugar

FCCL
ISL
JDWS

5,923.47
4,576.20
5,140.79

0.18%
0.14%
0.16%

0.60%
19,650,000

4,676.70

399,334,751

2,200.33

5.51

0.28%

10.57

0.15%
108,750,000

1,149.49

35,565,997

3,181.38

89.45

46 Jubilee Gen.InsXDXB

JGICL

6,406.92

0.20%

69.76

47 Jah.Sidd. Co.

JSCL

16,265.61

0.51%

22.39

0.41%
0.22%
24,718,033

48 Engro Foods Limited

EFOODS

28,650.67

0.89%

50.58

49 Kot Addu PowerXD

KAPCO

38,731.14

1.21%

43.5

51 Lotte PakPTAXD

LOTPTA

0.27%

3.76

13,446.16

0.42%

8.81

3,956.77
0.98%

176,050,646
8,611.62

9,399.48
0.51%

78,227,874

KESC

1,724.33
1.21%

419,806,928

50 K.E.S.C.

1,931.43

7,658.20
0.54%

1,120,537,515 4,213.22

52 Lucky Cement
53 Mari Gas Co.XD
54 MCB Bank Ltd XDXB
55 Media Times Ltd
56 Meezan BankXB

LUCK
MARI
MCB
MDTL
MEBL

57 Millat TractorsXD

MTL

58 Murree Brewery

MUREB

34,956.84
7,947.19
160,055.66
1,967.36
24,390.92

1.09%
0.25%
5.00%
0.06%
0.76%

0.43%
378,551,802

3,335.04

129,350,000

14,150.89

109.4

1.82%

86.48

0.20%
18,375,000

1,589.07

367,944,049

62,874.28

170.88

8.07%

10

0.10%
80,482,955

804.83

80,299,331

2,111.07

26.29

18,375.91

0.57%

505.75

1,326.98

0.04%

70

0.27%
0.95%
14,642,163

0.07%
8,327,472

59 National BankXDXB

NBP

83,639.01

2.61%

43.06

60 Nishat Chun PowXD

NCL

5,073.06

0.16%

19.14

62 Netsol Technologies

NESTLE
NETSOL

199,538.02
1,077.50

6.23%
0.03%

18,869.58
0.18%

72,942,120

1,396.11

2,267,500

10,011.01

4415

1.29%

14.4

0.06%
31,164,081

Index Experts Committee of Karachi Stock Exchange

582.92
2.42%

438,215,913

61 Nestle PakXD

7,405.27

448.76
5-4

63 NIB Bank Limited

NIB

28,126.78

0.88%

2.7

0.54%
1,545,427,675 4,172.65

64 Nishat Mills Limited

NML

18,423.83

0.58%

52.03

1.17%
175,799,924

65 Nishat Power LtdXD

66 National Refinery
67 Oil & Gas Develop
68 Pace (Pak) Ltd.
69 Pak Reinsurance
70 Pak Tobacco Co.

NPL
NRL
OGDC
PACE
PAKRI
PAKT

4,872.26
20,071.61

0.15%
0.63%

703,846.93 21.98%
870.1
6,495.00
11,752.71

0.03%
0.20%
0.37%

13.61

0.25%
142,668,723

1,941.72

25,376,019

6,449.57

254.16

0.83%

166.1

13.47%
631,348,555

104,866.99

181,269,793

525.68

2.9

0.07%

21.63

0.39%
140,848,659

3,046.56

12,133,812

581.45

47.92

71 Pakistan Cables

PCAL

1,192.57

0.04%

39.99

72 PICIC Gro Fund

PGF

3,728.02

0.12%

13.27

0.07%
0.04%
7,115,594

73 P.I.A.C.(A)

PIAA

7,214.89

0.23%

2.92

74 Pak.Int.ContXD SD

PICT

15,172.29

0.47%

134.79

76 Philip Morris Pak.

77 Pak OilfieldsXD
78 Pak Petroleum
79 Pak Services

PMPK
POL
PPL
PSEL

80 Pak Suzuki Motor

PSMC

81 P.S.O.

PSO

7,027.97
7,081.74
86,578.17
237,525.82
4,098.06

0.22%
0.22%
2.70%
7.42%
0.13%

21,830,630

2,942.55

29,532,826

2,404.56

81.42

0.31%

120.1

0.05%
3,079,017

369.79

108,004,731

39,630.18

366.93

5.09%

181.97

6.37%
272,699,603

49,623.15

19,514,502

2,575.91

132

5,305.87

0.17%

62.79

42,195.54

1.32%

246.29

0.33%
0.17%

83 Pak Telephone

PTEC

46,420.20

1.45%

12.39

105

0.00%

24,345.76

Index Experts Committee of Karachi Stock Exchange

0.76%

7,252.49
0.00%

4,200,000
RMPL

19,232.61
0.93%

585,350,594

84 Rafhan MaizeXD

1,355.87
2.47%

78,089,304
PTC

539.21
0.38%

21,593,796

82 P.T.C.L.A

3,009.64
0.07%

184,662,151

PKGS

284.55
0.39%

226,800,000

75 Packages Limited

9,146.87

21.00

2635.85

0.14%
5-5

400,872
85 Stand.Chart.BankXD
86 Security Paper

SCBPL
SEPL

39,103.01
1,707.72

1.22%
0.05%

9.93

0.25%
193,579,251

1,922.24

16,459,996

691.16

41.99

87 Shell PakistanSPOT

SHEL

13,944.13

0.44%

202.93

88 Shifa Int.Hospitals

SHFA

1,540.67

0.05%

30.5

0.09%
0.35%
13,383,068

89 Siemens Pakistan

SIEM

6,506.91

0.20%

789

90 SilkBank Limited

SILK

7,747.65

0.24%

2.89

7,087.91

0.22%

8.17

92 Sui North Gas

SSGC

11,986.69

0.37%

21.23

94 Thal Limited
95 TRG Pakistan Ltd.
96 Tri-Pack Films XD
97 Tandlianwala Sugar

THALL
TRG
TRIPF
TSML

18,640.19
6,187.74
1,591.66
5,909.70
7,370.77

0.58%
0.19%
0.05%
0.18%
0.23%

0.48%
176,183,262

3,740.37

176,183,262

3,740.37

0.48%

83.28

0.34%
31,355,144

2,611.26

327,582,065

1,418.43

4.33

0.18%

194.71

0.23%
9,000,000

1,752.39

5,885,315

368.54

62.62

UBL

92,119.52

2.88%

75.77

99 UniLever Pak LtdXD

ULEVER

73,794.33

2.30%

5698.38

0.05%
2.98%
306,044,922

11,171.55

0.35%

15,977.56

1814.27

0.02%
84,766

3,202,309.72

23,189.02
2.05%

2,803,878
UPFL

5,901.48

21.23

98 United Bank Ltd XD

100 Unilever Food XD

1,544.19
0.76%

722,334,796

SSGC

2,112.29
0.20%

534,320,965
SNBL

462.20
0.27%

2,677,171

91 Soneri Bank Ltd

2,715.83
0.06%

15,154,140

93 Sui South Gas

1,056.64

153.79

100%

100.00%
778,715.03

Index Experts Committee of Karachi Stock Exchange

5-6

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Index Experts Committee of Karachi Stock Exchange

5-7