2016 Market Classification Results Pakistan to be classified as an emerging market
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1 ? For Financial Professional Use Only 2016 Market Classification Results Pakistan to be classified as an emerging market Morningstar Indexes September 2016 Contact America Asia-Pacific Europe, Middle East, and Africa The Morningstar Index Committee has confirmed that as part of its 2016 market classification review, Pakistan will be classified as an emerging market, effective at the June 2017 semiannual reconstitution. There are no changes in the market classification of the other countries/segments under review Review Results Pakistan Pakistan will be classified as an emerging market as part of Morningstar s August 2016 annual review. A slew of market reforms implemented in Pakistan during the past two years has been promising for global investors. The extension of the Pakistan Unified Corporate Action Reporting System to all listed companies, restrictions placed on negotiated deal market transactions to prevent the misappropriation of client assets by brokerage firms, and the launch of an online complaint management system for investors all indicate Pakistan s discernably strong commitment toward eliminating marketplace malpractice and complying with global best practices. It was also reassuring to see Pakistan's carefully crafted regulations for small and midsize enterprises, aimed at improving market size and variety by enabling them to list on equity markets in Pakistan while providing investors an adequate level of protection from the risks entailed by such an investment. The recent integration of Pakistan s three primary exchanges Karachi Stock Exchange, Lahore Stock Exchange, and Islamabad Stock Exchange into a unified exchange overcomes several regulatory hurdles associated with a fragmented market and considerably improves the ease of investing. Government intervention in Pakistani markets has been minimal after the largely criticized "floor rule" imposition in 2008, and the regulatory atmosphere has by and large been investor-friendly since. These improvements along with Morningstar Indexes positive outlook on the foreign investment climate in Pakistan have culminated into the decision to classify Pakistan as an emerging market. China A-Shares Morningstar Indexes will continue to exclude China A-shares from its Emerging Markets Index. Despite China's giant strides toward the objective of the emerging market classification of China-A shares, it falls short because of its lack of movement on certain major and vital fronts, as deemed by most global investors. The 20% monthly repatriation limit continues to remain one of the biggest and most imminent handicaps for fund managers looking to invest in China A-shares. The arbitrary suspension of trading by almost half of the listed companies last year sprouted fresh regulatory
2 Page 2 of 6 concerns, and although laws have been instituted to check such events in the future, an observation period to monitor the implementation of these laws and any subsequent progress is imperative. The introduction of the Shanghai-Hong Kong Stock Connect alleviates several investor concerns such as repatriation and licenses, but it also brings many of its own problems into the mix, such as daily quota restrictions, regulatory issues, and an inaccessibility to Shenzhen securities. The lack of any revision or clarification from authorities on the issue of ownership limits has also kept us from considering China-A shares for inclusion in our Emerging Markets Index. China's strong commitment to reform and the brisk pace of implementing measures have prompted Morningstar to keep monitoring China A-shares as part of the 2017 review list. South Korea Morningstar Indexes will continue to classify South Korea as an emerging market for failing to meet certain key developed-market standards. South Korea was found wanting primarily on two criteria in which other Morningstar developed markets qualify comfortably. The absence of an offshore currency market, which consequently leads to problems with the Korean won s convertibility, is the primary issue that remains largely unaddressed despite Korea extending its trading hours by half an hour. Second, the restrictions imposed on the in-kind transfer of securities and off-exchange transactions aggravate investor inconvenience. There are also a few other persistent issues pertaining to the line-of-credit facilities extended to investors and the ease of registering for them that need to be addressed. South Korea s passive attitude toward improving foreign investor access is a major cause for worry, but a few of its recent reforms, such as the planned introduction of an omnibus account facility, narrowly secures its place on Morningstar s review list for 2017, with the following caveat: Significant reforms to improve the won s convertibility and the country s in-kind and off-market transaction capabilities would be required for Morningstar to consider South Korea a developed market. Peru Morningstar Indexes will retain Peru in its Emerging Market Index and exclude it from the review list for The last year has seen several market-friendly policies rolled out by the Peruvian government, its market authorities, and the central bank aimed at monetary and taxation easing, the development of REITs, and the establishment of mutually beneficial reciprocal agreements with the Chilean, Colombian, and Mexican exchanges. Proactive measures such as these, taken to rejuvenate its rapidly dwindling market liquidity and depth, have managed to pull the country back to a level of comfortable safety, as far as its status as an emerging market in Morningstar Indexes is concerned.
3 Page 3 of 6 Saudi Arabia Morningstar Indexes will continue to classify Saudi Arabia as a stand-alone market and will exclude it from the review list for Despite Saudi Arabia s commendable and dedicated efforts to improve market conditions, Morningstar believes that 2018 would be the earliest that it could be reclassified as an emerging market. Saudi Arabian markets opened up to foreign investments only in 2015, and it would take a considerable amount of time before its markets evolve sufficiently for the country to satisfy Morningstar s emergingmarket criteria. Exhibit Morningstar Indexes Market Classification Results
4 Page 4 of Review List As part of the August 2017 review, the Morningstar Index Committee will continue to monitor the following countries/market segments for potential reclassification: China A-Shares South Korea Potential reclassification from stand-alone market to emerging market. Potential reclassification from emerging market to developed market. Appendix - Market Classification Criteria Regulatory Environment The existence of a strong market regulator with a well-established track record; timely, independent, and uniform implementation of regulations; and an overall regulatory structure adhering to global best practices. Equitable Treatment The absence (or minimal incidence) of regulations with a bias against foreign owners and minority shareholders and the existence of laws to adequately protect their interests. Market Accessibility Minimal individual and collective foreign ownership restrictions at the security, sector, and market levels. Market Structure Equity A well-structured and sufficiently mature equity market along with healthy market depth, breadth, and size. Market Structure Foreign Exchange A fairly liquid and developed (and preferable deliverable) offshore currency market. Ease of Entering Market for Foreign Investors The absence of an excessively time-consuming, involved, or restrictive procedure for the registration of foreign investors. Quality of Brokerage A competitive brokerage landscape with reasonable low costs, smooth execution of orders and the provision of services like algorithmic trading and dark-pool trading. Market Liquidity Highly liquid capital markets in terms of immediacy, volume, and price-resilience.
5 Page 5 of 6 Capital Flow (Inflow/Outflow) The absence of any significant quantity or time-based restrictions on either the inflow or repatriation of funds. Nominal Transaction Costs Low transaction costs, with greater transparency regarding these costs. Short Selling Allowed The existence of provisions for the short selling of a wide range of securities with minimal restrictions. Off-Exchange Transactions Allowed The absence of prohibitory restrictions on both off-exchange and in-kind transactions. Stock Lending and Margin Trading The existence of provisions for stock lending and margin trading facilities. Transparency The existence of laws for the fair and transparent dissemination of price information and price sensitive information to all market participants along with an overall regulatory and operational transparency in the market. Taxes Unambiguous tax laws and the absence of unreasonably high withholding tax and capital gains tax levels. Clearing and Settlement Cycle A settlement cycle that is in harmony with globally accepted norms and the existence of a delivery v/s payment (DVP) system to minimize counterparty credit risk. Quality of Custodian Services The existence of healthy international and local competition among custodian banks along with low costs and provisions for the adequate protection of client assets against misappropriation. Delivery Free of Payment Facility Available The immediate availability of a short term line-of-credit facility for stock buying with minimal restrictions. Availability of Omnibus Account Facilities The recognition of the concept of an omnibus account and the absence of any operational or regulatory hurdles for its setup.
6 Page 6 of 6 About Morningstar, Inc. Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. Morningstar offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data on approximately 510,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 17 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries. About Morningstar Indexes Morningstar Indexes combine the science and art of indexing to give investors a clearer view into the world s financial markets. Our indexes are based on transparent, rules-based methodologies that are thoroughly back-tested and supported by original research. Covering all major asset classes, our indexes originate from the Morningstar Investment Research Ecosystem our network of accomplished analysts and researchers working to interpret and improve the investment landscape. Clients such as exchangetraded fund providers and other asset management firms work with our team of experts to create distinct, investor-focused products based on our indexes. Morningstar Indexes also serve as a precise benchmarking resource. Morningstar Index Committee The Morningstar Index Committee is currently comprised of senior officials who possess the appropriate levels of knowledge in relation to Indexes. A wide array of business groups are represented to allow for a broad voice to be heard and for a wider view to be expressed in evaluating all subjects brought up during Committee meetings. The Committee seeks to create indexes of the highest quality that meet the recognized qualities of a good benchmark. For More Information For any queries, reach out to us via our communication page.? 22 West Washington Street Chicago, IL USA 2016 Morningstar. All Rights Reserved. Any matter arising from undocumented events will be resolved at the discretion of Morningstar Index Committee. The information in this document is the property of Morningstar, Inc. Reproduction or transcription by any means, in whole or part, without While data contained in this report are gathered from reliable sources, accuracy and completeness cannot be guaranteed. All data, information, and opinions are subject to change without notice. This document may contain back-tested or simulated performances and the subsequent results achieved by the investment strategy may be materially different.
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