Morgan Stanley Capital International (MSCI) Inc. has included three Pakistani banks—Askari Bank, Bank of Punjab, and Meezan Bank—in its Frontier Market (FM) Index as part of its November 2025 index review. The changes will take effect from the close of November 24, 2025.
The MSCI Frontier Markets Index, which tracks large and mid-cap companies across frontier market countries, now includes these three companies, which were among the largest additions by market capitalization, alongside Vietnam Airlines and Bank Al Etihad.
In addition to the changes in the main FM Index, eleven Pakistani companies were added to MSCI’s Frontier Markets Small Cap Index. These companies include AGP, Big Bird Foods, Gatron Industries, Ghani Chemical Industries, Ghani Global Holdings, International Packaging Films, Ittehad Chemicals, Javedan, Sitara Chemical Industries, SPEL Limited, and The Organic Meat Company Limited.
Meanwhile, one company, Atlas Battery, was removed from the FM Small Cap Index, and Bank of Punjab was promoted to the main index.
This marks a continued shift in Pakistan’s equity market positioning. In September 2021, MSCI downgraded Pakistan from its status as an emerging market, citing concerns about size and liquidity despite meeting accessibility requirements under its emerging market framework.
