Web Desk — May 15 Index provider MSCI on Monday announced changes to its indexes as a result of its semiannual market reclassification, including reclassifying Pakistan as an emerging market from frontier market status and the addition of 57 securities and removal of 28 securities from its All-Country World Index.
The three largest additions to the MSCI ACWI index by market capitalization are Spain’s Gamesa Corporacion Tecnologica SA , Denmark’s H. Lundbeck A/S and the United States’ Athene Holding Ltd.
The MSCI Pakistan Index was upgraded from frontier market to its emerging market classification as part of the review. The Pakistan indexes will fully converge with the MSCI Provisional Pakistan Indexes, effective June 1. There will be no additions to and 10 deletions from the MSCI Pakistan Index and 11 additions and six deletions from the MSCI Pakistan Small Cap Index.
Pakistan’s benchmark Karachi stock exchange jumped 363.96 points, or 1.23 percent, on Monday ahead of the expected upgrade.