External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Cross Asset Strategy

<ul><li>MSCI has announced results of its index review for May 2024, based on which, one more scrip of Pakistan, National Bank of Pakistan (NBP) is added to the its MSCI frontier market index.</li><li>Overall weight of Pakistan in Frontier market index with inclusion of NBP and increase in free float market cap of existing 20 constituents by ~12% is likely to increase weight of Pakistan by 30-40bps to 4.0-4.3%.</li><li>Similarly, Pakistan weight in MSCI Small Cap Index is also likely to increase despite no addition of any scrip in the index as existing 56 constituents of Pakistan have returned 16% in USD terms since Feb 01, 2024 (last review) compared to 5% decline in MSCI Frontier market small cap index. We estimate Pakistan weight to increase in range of ~50-60bps in small cap index to 3.4-3.5%.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

MSCI has announced results of its index review for May 2024, based on which, one more scrip of Pakistan, National Bank of Pakistan (NBP) is added to the its MSCI frontier market index.Overall weight of Pakistan in Frontier market index with inclusion of NBP and increase in free float market cap of existing 20 constituents by ~12% is likely to increase weight of Pakistan by 30-40bps to 4.0-4.3%.Similarly, Pakistan weight in MSCI Small Cap Index is also likely to increase despite no addition of any scrip in the index as existing 56 constituents of Pakistan have returned 16% in USD terms since Feb 01, 2024 (last review) compared to 5% decline in MSCI Frontier market small cap index. We estimate Pakistan weight to increase in range of ~50-60bps in small cap index to 3.4-3.5%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MSCI; Pakistan weight in MSCI FM index to increase by ~30-40bps