KARACHI: On the first day of its formal launch on Monday, the Pakistan Stock Exchange (PSX) Dividend 20 Index shed 116.57 points of 0.84 per cent to close at 13,809.11 points.

The newly launched benchmark consists of top 20 dividend-paying companies that have a dividend distribution history, ranked and weighted based on the trailing 12-month dividend yield. It can be used as a benchmark index for the income-seeking equity investors.

The index, based on 10,000 points, has been operational `internally` since Oct 29, 2020.

To be eligible for inclusion in the index, the stocks should pass through technical as well as dividend payout screening processes.

The current constituents of the PSX Dividend 20 Index are Allied Bank Ltd, Attock Petroleum Ltd, Bank Alf alah Ltd, Bank AL Habib Ltd, Engro Corporation Ltd, Engro Fertilisers Ltd, Engro Polymer and Chemicals Ltd, Engro Powergen Qadirpur Ltd, Fatima Fertiliser Company Ltd, Fauji Fertiliser Company Ltd, Habib Bank Ltd, Habib Metropolitan Bank Ltd, Indus Motor Company Ltd, International Steels Ltd, Kot Addu Power Company Ltd, MCB Bank Ltd, Nishat (Chunia) Ltd, Pakistan Oilfields Ltd, Tariq Glass Industries Ltd and United Bank Ltd.