MSCI Index Review – November 2025
Pakistan’s MSCI Frontier Market (FM) Index weight: ~6.7%
In its latest index review, effective after the market close on November 24, 2025, MSCI announced several changes to its Frontier Markets (FM) indices.
MSCI FM Standard Index (Pakistan)
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Additions:
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Meezan Bank Limited (MEBL)
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The Bank of Punjab (BOP)
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Askari Bank Limited (AKBL)
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Deletions: None
Following this update, the MSCI FM Standard Pakistan Index now includes 30 constituents, such as UBL, FFC, LUCK, HUBC, MEBL, HBL, MARI, OGDC, MCB, BAHL, ENGROH, NBP, SYS, EFERT, PPL, PSO, BAFL, MTL, POL, BOP, DGKC, FCCL, MLCF, AKBL, SAZEW, SNGP, FABL, SEARL, ABOT, and ILP.
MSCI FM Small Cap Index (Pakistan)
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Additions:
AGP, JVDC, SITC, TOMCL, GCIL, ICL, GGL, SPEL, IPAK, BBFL, and GATI -
Deletions:
Atlas Battery Limited (ATBA) -
Reclassification:
The Bank of Punjab (BOP) has been upgraded to the MSCI FM Standard Index from the Small Cap Index.
The MSCI FM Small Cap Index now comprises 448 constituents, of which 76 (around 18%) are from Pakistan, holding a combined weight of 11.9%.
