MSCI adds Attock Refinery to Pakistan Index in November review

Index composition changes take effect

Attock Refinery Ltd will join the MSCI Pakistan Index on December 1, 2026. The global index provider made this decision after ATRL reached a foreign inclusion factor-adjusted free-float market capitalization of $168 million at the end of October. This figure comfortably surpassed the minimum eligibility threshold of $116 million required for inclusion. As a result, the MSCI Pakistan Index is set to include 30 companies in its final count of constituents.

Pakistan weight declines globally

The inclusion of ATRL caused Pakistan's share of the MSCI Frontier Markets Index to drop to 4.98 percent in the November review. This represents a drop from 5.2 percent recorded in the previous August review conducted earlier this year. Most of this drop stems from foreign index components growing faster than those in Pakistan. Market calculations show the KSE-100 Index declined 5.5 percent during this specific review period.

Other companies removed from index

As part of the most recent adjustments, Pakistan Oxygen Limited and Flying Cement Company were taken out of the MSCI Frontier Markets Small Cap Index. These removals occurred alongside the addition of Attock Refinery to broaden the benchmark's representation. The review results were officially announced on November 11 by the global index provider. All adjustments are scheduled to take effect at the close of business on November 30, 2026.