Novel Approaches to Identify Clusters Using Independent Components Analysis with Application

Table 2

The ICA-based clusters using the estimated mixing coefficients approach.

Cluster no.	Cluster size	Companies
1	16	HUBC, AGTL, OGDC, GLAXO, FFC, KOHE, NESTLE, ABOT, SHEL, IBFL, SITC, PSO, PKGS, INDU, HINOON, and GHGL
2	16	FFBL, SIEM, PAKT, PTC, ENGRO, ICI, PSMC, AGIL, CPL, POL, ACPL, FEROZ, MTL, SEARL, JDWS, and LUCK
3	16	BAHL, MEBL, IDYM, NRL, KSBP, GTYR, PAKD, PRL, ATBA, MCB, SCM, CEPB, MUREB, NBP, FHAM, and SEL
4	16	PNSC, PICT, GADT, ATLH, HINO, GLPL, NML, SHFA, CSAP, PECO, DGKC, HABSM, BIFO, CLOV, FABL, and SAZEW
5	16	HICL, PCAL, MIRKS, OLPL, PAEL, CHCC, BWHL, ALNRS, ATRL, MARI, DYNO, INIL, FCCL, HSPI, EFUL, and BNWM
6	16	SING, ADOS, CRTM, CENI, BOP, NCL, KOHC, PIOC, HCAR, RICL, HAL, AGIC, BYCO, EFUG, FECTC, and MLCF
7	16	FHBM, KASBB, PIAA, GHNL, REWM, ANL, KESC, FCSC, DAWH, LOTPTA, SANSM, KTML, SEPCO, GASF, SHSML, and NIB
8	16	CHAS, JOPP, GWLC, FNBM, FDIBL, FUDLM, ADMM, JOVC, SGML, DSFL, ECOP, JPGL, NATF, DFML, PAKRI, and PSYL
9	16	NICL, KOHP, JSCL, IDRT, MACFL, SAIF, ESBL, PMI, EMCO, FFLM, DWSM, KOIL, FEM, BGL, DNCC, and MZSM
10	17	PNGRS, PTEC, CPMFI, FECM, QUICE, FPJM, SIBL, RAVT, GENP, MODAM, FRCL, MFTM, HADC, PAKMI, COTT, AICL, and MUKT