MCB out of the MSCI Frontier Market Pakistan Index; moved into small cap index

Morgan Stanley Capital International (MSCI) has removed MCB Bank from their Frontier Markets (FM) Pakistan Index, moving it into the MSCI FM Pakistan small cap Index. This change was announced in the MSCI Semi-Annual Review and will be effective as of November 30, 2022.

As per the MSCI, a leading investment research firm and stock markets index provider, Lucky Cement (LUCK) and Oil & Gas Development Company (OGDC) have retained their spot in the MSCI FM Pakistan Index.

The MSCI Market classification framework for the month of November requires firms to have a full market capitalization of $883 million, a free-float market capitalization of $73 million, and an ATVR of 2.5 per cent to be classified as a frontier market.

Last year, in November Pakistan was reclassified from MSCI FM Index from Emerging Markets (EM) as a result of a lack of liquidity and not meeting the standards for size.

Earlier in May, the MSCI added OGDC to the main FM index and removed HBL from the main index. 


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Ariba Shahid
Ariba Shahid
The author is a business journalist at Profit. She can be reached at [email protected] or at


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