Karachi: The Pakistan Stock Exchange Limited announced significant changes in the Mahaana Islamic Index (MII30) composition, effective from July 31, 2024. The re-composition, detailed on July 15, 2024, aligns with the established index rules, reshaping the landscape for key players in the market.
The recent update in MII30 Index will see the inclusion of Sazgar Engineering Works Limited, Abbott Laboratories (Pakistan) Limited, International Steels Limited, and International Industries Limited. Concurrently, Attock Petroleum Limited, National Foods Limited, Oil and Gas Development Company Limited, and Unity Foods Limited will be excluded from the index.
The Hub Power Company Limited emerges as the heaviest weight in the index at 12.99%, followed by Meezan Bank Limited and Engro Fertilizers Limited with weights of 8.69% and 8.36%, respectively. Other notable companies like Engro Corporation Limited, Lucky Cement Limited, and Systems Limited also continue to hold significant positions.
According to information available from the Pakistan Stock Exchange (PSX), this restructuring of the index reflects updates to the financial landscape, with a focus on aligning with Islamic financial principles. The changes are intended to provide a more accurate representation of the market conditions, affecting investors and the companies involved.
Sazgar Engineering Works Limited, newly added to the index, will hold a weight of 1.96%. Other new entrants like Abbott Laboratories and International Steels Limited are also set to make an impact with weights of 1.38% and 1.09%, respectively.
The realignment of MII30 is set to enhance the index's integrity and relevance in the Islamic financial market, providing a clear gauge for investment decisions based on the updated company performances and market dynamics. This modification is expected to influence trading activities and investment strategies as market participants adjust to the new index composition.