MSCI upgrades Pakistan and adds 57 securities, removes 28 from world index

By Dion Rabouin

(Reuters) - 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 capitalisation are Spain's Gamesa Corporacion Tecnologica SA , Denmark's H. Lundbeck A/S and the United States' Athene Holding Ltd .

The MSCI Pakistan Index <.dMIPK00000PUS> 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 <.KSE> jumped 363.96 points, or 1.23 percent, on Monday ahead of the expected upgrade.

MSCI also announced changes to its emerging markets index, with the three largest additions measured by market cap slated to be Indian Oil Corp Ltd of India, Novolipetsk Steel of Russia and Bancolombia SA of Colombia.

There will be 308 additions and 157 deletions from the MSCI ACWI Investable Market Index.

The changes will be implemented as of the market close on May 31. The announcement was part of quarterly adjustments MSCI makes to its indexes, which it says are tracked by $9.5 trillion in assets.

The U.S.-based index maker announced changes to its global standard index as well as the MSCI Global Small Cap and MSCI Micro Cap Indexes, the MSCI Global Value and Growth Indexes, the MSCI Frontier Markets and MSCI Frontier Markets Small Cap Indexes, the MSCI Global Islamic and MSCI Global Islamic Small Cap Indexes, the MSCI Pan?Euro and MSCI Euro Indexes, the MSCI U.S. Equity Indexes, the MSCI US REIT Index, the MSCI China A Indexes and the MSCI China All Shares Indexes.

(Reporting by Dion Rabouin; Editing by Cynthia Osterman and Jonathan Oatis)