22 Pakistani-listed companies added to MSCI indices 

Pakistan’s weight in the Index is expected to be around 3%

Morgan Stanley Capital International (MSCI), an investment research company and stock markets index provider, has added 22 companies listed at the Pakistan Stock Exchange (PSX) to its indices. 

In its latest Quarterly Index Review, MSCI notified three additions for Pakistan to the MSCI Main Frontier Market Index and 19 companies to the Frontier Market Small Cap Index. All changes will be implemented as of the close of February 29, 2024.

The new entrants from Pakistan into the MSCI Main Frontier Market Index are Bank AL Habib (BAHL), Interloop (ILP), and Sui Northern Gas Pipelines (SNGPL), bringing the total number of constituents in the main index to 20. 

Other companies in the index include Oil and Gas Development Company (OGDC), Mari Petroleum (MARI), Pakistan Petroleum Limited (PPL), Lucky Cement Limited (LUCK), MCB, United Bank Limited (UBL), ENGRO, Habib Bank Limited (HBL), Pakistan Oilfields Limited (POL), Systems Limited (SYS), Fauji Fertilizer Company (FFC), The Hub Power Company (HUBC), Engro Fertilizers Limited (EFERT), Millat Tractors Limited (MTL), Bank Alfalah Limited (BAFL), Pakistan State Oil (PSO), TRG Pakistan Limited (TRG), Bank AlHabib Limited (BAHL), Interloop Limited (ILP), and Sui Northern Gas Pipelines Limited (SNGPL).

Additionally, the MSCI Pakistan Frontier Market Small Cap index will see 19 new constituents added and four removed. 

The new additions are Adamjee Insurance Company Limited (AICL), Attock Gen Limited (AGL), Aisha Steel Mills Limited (ASL), Askari Bank Limited (AKBL), Century Paper & Board Mills Limited (CEPB), Ferozsons Laboratories Limited (FEROZ), Ghani Automobile Industries Limited (GHNI), Ghani Global Glass Limited (GHGL), Hascol Petroleum Limited (HASCOL), IGI Holdings Limited (IGIHL), JS Bank Limited (JSBL), Murree Brewery Company Limited (MUREB), Nishat Chunian Limited (NCL), Pioneer Cement Limited (PCAL), Pakistan Stock Exchange Limited (PSX), S.G. Fibre Limited (SGFL), Sui Southern Gas Company Limited (SSGC), Treet Corporation Limited (TREET) and Worldcall Telecom Limited (WTL)

The companies being removed from the small-cap index are BankIslami Pakistan Limited (BIPL), Fauji Cement Company Limited (FCCL), Pak Suzuki Motor Company Limited (PSMC) and Sui Northern Gas Pipelines Limited (SNGPL), adjusting the total number of constituents to 56.

Following this review, Pakistan’s weight in the MSCI Frontier Market Index is expected to be around 3%. This reclassification reflects the ongoing adjustments within the market, aiming to provide a more accurate representation of Pakistan’s economic landscape.

This update follows Pakistan’s reclassification from an Emerging Market to a Frontier Market in November 2021, based on the evaluation of market size and liquidity standards.


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