MSCI Adds Attock Refinery to Pakistan Index in November 2026 Review

Global index provider MSCI has added Attock Refinery Limited (ATRL) to its MSCI Pakistan Index as part of its November 2026 review of Frontier Market indexes. The inclusion will take effect on December 1, 2026, raising the total number of constituents in the index to 30.

According to research from Topline Securities, Attock Refinery earned its place after its Foreign Inclusion Factor (FIF) adjusted free float market capitalization reached $168 million at the end of October 2026. That figure comfortably exceeds the minimum threshold of $116 million required for index inclusion.

In the same review, MSCI removed PAKOXY and Flying Cement from its Frontier Markets Small Cap Index. The changes reflect the periodic rebalancing that MSCI conducts to keep its benchmarks aligned with market capitalization and liquidity criteria.

Topline Research estimates that Pakistan's weighting in the MSCI Frontier Markets Index slipped to 4.98 percent in the November 2026 review, down from 5.2 percent in the previous review held in August 2026. The decline was mainly attributed to faster growth in the combined market capitalization of other index constituents relative to Pakistan, which reduced the country's overall share.

Over the same period, the benchmark KSE-100 Index fell by 5.5 percent. Index inclusions and removals are closely watched by investors because they can influence passive fund flows into and out of listed companies, though the immediate market impact depends on a range of broader economic and trading factors.