The Karachi Stock Exchange (KSE) has recomposed its index and has inducted three new companies while omitting same number of companies on criterion of market capitalisation.
The recomposed Index, based on prices of August 31, 2004, will capture the market capitalisation to the extent of 86.60 percent of total market capitalisation.
The revised Index will be implemented from October 1, 2004.
According to a release of KSE, the management has carried out the recomposition exercise and the details of the changes in the KSE-100 Index companies in accordance with the decision of the Board of Directors of the Exchange taken in the meeting held on March 29, 2004.
The following are the details of Incoming and Outgoing companies, on the basis of the provision of the re-composition rules of KSE 100 Index 1994 and the subsequent amendments made thereunder:
Three new companies in the recomposed index on market capitalisation based rules are: Javed Omer &Vohra Ltd, Prime Commercial Bank and Shakarganj Sugar Mills Ltd. The last mentioned has been inducted on value based rule.
The outgoing companies are Shahtaj Sugar Mills Ltd, Southern Electric Power and East West Insurance Co.
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