KARACHI: MSCI has added Attock Refinery Limited to its MSCI Pakistan Index as part of its November 2026 Frontier Markets Index Review, while Pakistan’s weight in the MSCI Frontier Markets Index declined to 4.98 percent from 5.2 percent in the previous review conducted in August 2026.
The changes, announced on November 11, are scheduled to take effect from the close of business on November 30, 2026, according to the review results.
ATRL’s inclusion follows its foreign inclusion factor (FIF)-adjusted free-float market capitalization of USD168 million at the end of October 2026, exceeding the minimum threshold of USD116 million.
With the addition of ATRL, the number of constituents in the MSCI Pakistan Index has increased to 30. Meanwhile, Pakistan Oxygen Limited (PAKOXY) and Flying Cement Company Limited (FLYING) have been removed from the MSCI Frontier Markets Small Cap Index.
According to calculations cited in the review analysis, Pakistan’s weight in the MSCI Frontier Markets Index fell to 4.98 percent in November 2026 from 5.2 percent in August. The decline was primarily attributed to an increase in the aggregate market capitalisation of other index constituents relative to Pakistan, reducing the country’s share of the overall index.
The KSE-100 Index declined 5.5 percent during the review period, the analysis noted.
Copyright Business Recorder, 2026
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