Morgan Stanley Capital International (MSCI) Inc. announced the addition of eight Pakistani companies to its Frontier Market (FM) Small Cap Index in the results of its November 2024 review.Â
TRG Pakistan, however, has been removed from the Frontier Market Index.
The eight companies newly included in the MSCI FM Small Cap Index are Citi Pharma, Crescent Steel & Allied Products, Fast Cables, Flying Cement Company, Pakistan Oxygen, Shifa International Hospitals, Thatta Cement Company, and TRG Pakistan.Â
Fauji Fertilizer Bin Qasim has been removed from the Small Cap Index.Â
These changes are scheduled to take effect after the market closes on November 25, 2024.
Pakistan was downgraded from emerging market status by MSCI in September 2021, less than five years after its initial reclassification from the Frontier Markets Index. At the time, MSCI stated that while Pakistan’s equity market met accessibility standards for Emerging Markets, it no longer met size and liquidity requirements.
