Market Indices

Market Indices

KSE 100

  • Most recognized index of the KSE
  • Representation from all sectors of the KSE and includes the largest companies on the basis of their market capitalization
  • Represents over 85% of the market capitalization of the Exchange.

Download KSE - 100 Index Brochure



KSE 30

  • Introduced in 2006
  • Based on the “Free Float Methodology”
  • Includes only the top 30 most liquid companies listed on the KSE.

Download KSE - 30 Index Brochure



All Shares
Consists of all the companies listed on the KSE.



KMI-30

  • Tracks the 30 most liquid Shariah-compliant companies listed at KSE.
  • Introduced in September 2008, KMI comprises of 30 Companies that qualify the KMI Shariah screening criteria and are weighted by float adjusted market capitalization.
  • 12% cap on weights of individual securities.
  • Rebalanced biannually.
  • Shariah Supervisory Board of Meezan Bank chaired by eminent Shariah scholar Justice (Retd.) Mufti Muhammad Taqi Usmani.

Download KMI - 30 Index Brochure

Shariah Screening Criteria

Shariah compliance of stocks is done under the guidance of qualified and reputed Shariah experts. For stocks to be “Shariah compliant”, it must meet ALL the six key tests given below.

  1. Business of the Investee Company Core business of the company must be halal and in line with the dictates of Shariah. Hence, investment in securities of any company dealing in conventional banking, conventional insurance, alcoholic drinks, tobacco, pork production, arms manufacturing, pornography or related activities is not permissible.

  2. Debt to Total Assets Debt to Asset ratio should be less than 40%. Debt, in this case, is classified as any interest bearing debts. Zero coupon bonds and preference shares are, both, by definition, part of debt.

  3. Non-compliant Investments to Total Assets The ratio of non compliant investments to total assets should be less than 33%. Investment in any non-compliant security shall be included for the calculation of this ratio.

  4. Non-complaint Income to Total revenue – Purification of Non-compliant income The ratio of non compliant income to total revenue should be less than 5%. Total revenue includes Gross revenue plus any other income earned by the company. This amount is to be cleansed out as charity on a pro rata ratio of dividends issued by the company.

  5. Illiquid Assets to Total Assets The ratio of illiquid assets to total assets should be at least 20%. Illiquid asset, here, is defined as any asset that that Shariah permits to be traded at value other than the par.

  6. Net Liquid Assets to Share Price The market price per share should be greater than the net liquid assets per share calculated as: (Total Assets – Illiquid Assets – Total Liabilities) divided by number of shares.

Courtesy of Al-Meezan Investments Ltd.

S. No "Shariah Compliant Stocks at KSE based on the review
period ending June 09 (in alphabetical order)"
1
Abbott Laboratories (Pakistan) Limited
2
Agriauto Industries Limited
3
Artistic Denim Mills Limited
4
Atlas Battery Limited
5
Attock Cement Pakistan Limited
6
Attock Refinery Limited
7
Baluchistan Wheel
8
BankIslami Pakistan Limited
9
Bata Pakistan Ltd.
10
BOC Pakistan Limited
11
Century Paper & Board Mills Limited
12
Cherat Cement Company Limited
13
Clariant Pakistan Limited
14
Crescent Steel & Allied Products Limited
15
D.G. Khan Cement Company Limited
16
Fauji Cement Company Limited
17
Fauji Fertilizer Bin Qasim Limited
18
Fauji Fertilizer Company Limited
19
Ferozsons Laboratories Limited
20
Ghandhara Industries
21
Ghani Automobile Industries Limited
22
Ghani Glass Limited
23
GlaxoSmithKline Pakistan Limited
24
Habib Sugar Mills Limited
25
Habib-Adm Limited
26
Highnoon Laboratories Limited
27
Huffaz Seamless Pipe Industries Limited
28
Hub Power Company Limited
29
ICI Pakistan Limited
30
Indus Motor Company Limited
31
Kohat Cement Company Limited
32
Kohinoor Energy Limited
33
KSB Pumps Ltd.
34
Lafarge Pakistan Cement Limited
35
Lucky Cement Limited
36
Maple Leaf Cement Factory Limited
37
Mari Gas Company Limited
38
Meezan Bank Limited
39
Millat Tractors Limited
40
National Foods Limited
41
National Refinery Limited
42
Oil & Gas Development Company Limited
43
Packages Limited
44
Pak Datacom Limited
45
Pak Elektron Limited
46
Pak Suzuki Motor Company Limited
47
Pak Synthetic Fiber
48
Pakistan Cables Limited
49
Pakistan Oilfields Limited
50
Pakistan Petroleum Limited
51
Pakistan PTA Limited
52
Pakistan Refinery Limited
53
Pakistan State Oil Company Limited
54
Pakistan Telecommunication Company Ltd
55
Sanofi Aventis
56
Sazgar Engineering
57
Searle Pakistan Limited
58
Shell Gas LPG (Pakistan) Limited
59
Shell Pakistan Limited
60
Siddiqsons Tin Plate Limited
61
Siemens Pakistan Ltd.
62
Sitara Chemical Industries Limited
63
Sitara Energy Limited
64
Sitara Peroxide Limited
65
Sui Northern Gas Pipelines Limited
66
Sui Southern Gas Company Limited
67
Tariq Glass Industries Ltd
68
Thal Limited
69
Thatta Cement Company Limited
70
Tri-Pack Films Limited
71
Unilever Pakistan Limited
72
Wah Nobel Chemicals Limited
73
Zil Industries
These companies have been screened from the list of securities eligible for entry in KMI-30 as at June 30, 2009. For detailed KMI eligibility and selection criteria please see Sections 1.2 and 1.3 of the KMI Index brochure.
Courtesy of Al-Meezan Investments Ltd. Shariah Advisors