MSCI has added Attock Refinery Limited (ATRL) to its MSCI Pakistan Index as part of its November 2026 review of Frontier Market indexes. The change will take effect on December 1, 2026.
With the latest inclusion, the number of companies in the MSCI Pakistan Index has increased to 30.
According to Topline Securities, Attock Refinery qualified for inclusion after its Foreign Inclusion Factor (FIF)-adjusted free-float market capitalization reached $168 million at the end of October 2026, exceeding the required minimum threshold of $116 million.
Meanwhile, PAKOXY and FLYING Cement have been removed from the MSCI Frontier Markets Small Cap Index following the latest review.
Pakistan’s Weight in MSCI Frontier Markets Index Declines
Topline Research estimates that Pakistan’s weighting in the MSCI Frontier Markets Index fell to 4.98 percent in the November 2026 review, compared with 5.2 percent in the previous review announced in August 2026.
The decline was mainly due to an increase in the combined market capitalization of other companies included in the index, reducing Pakistan’s relative share.
During the same period, the KSE-100 Index fell by 5.5 percent.
