Karachi: MSCI has announced the results of its November 2026 Index Review, with significant changes to its Frontier Market (FM) indexes, including the addition of Attock Refinery (ATRL) to the MSCI Pakistan Index. This change will take effect on December 1, 2026.

According to JS Global, ATRL's inclusion in the index was driven by its Foreign Inclusion Factor (FIF)-adjusted free-float market capitalization, which stood at $168 million at the end of October 2026. This figure comfortably exceeds the minimum threshold of $116 million required for inclusion. With ATRL's addition, the total number of constituents in the MSCI Pakistan Index will increase to 30 within the MSCI FM indexes. Concurrently, PAKOXY and FLYING Cement have been removed from the MSCI Frontier Markets Small Cap Index.

The review also revealed a decrease in Pakistan's weight in the MSCI Frontier Markets Index, which fell to 4.98% from 5.2% in the previous review conducted in August 2026. This decline is primarily due to an increase in the aggregate market capitalization of other index constituents, which has resulted in a lower relative weighting for Pakistan. During this period, the KSE100 index experienced a 5.5% decline.