Morgan Stanley puts HBL, PPL on its Pakistan Index

Saturday, November 21, 2009, Zilhaj 03, 1430 A.H

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Morgan Stanley puts HBL, PPL on its Pakistan Index

Friday, August 14, 2009
By our correspondent

KARACHI: In its August 2009 quarterly index review, Morgan Stanley Capital International Barra (MSCI Barra) has added Habib Bank Limited (HBL) and Pak Petroleum (PPL) to the Pakistan Index with effect from August 31, 2009.

The inclusion would take the total number of constituents to 14 from 12 earlier. “Interestingly, when Pakistan Index was inducted into the MSCI Frontier Markets Index in May 2009, its weight in the Frontier Index was 2.98 per cent. However, as of Aug 12, 2009 the weight shrank to 2.41 per cent, which was due to Pakistan market’s underperformance relative to Frontier Market peers,” observed Farhan Rizvi at JS Research.

“We believe it would be interesting to see the weight of the Pakistan Index once HBL and PPL are formally inducted into the Index on Aug 31, 2009,” he added.

Moody’s downgrades HBL, UBL: In another development Moody’s has downgraded its ratings for Habib Bank Limited (HBL) and United Bank Limited, it was learnt.





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