MSCI adds Attock Refinery, removes two Pakistani firms
Pakistan's small-cap representation falls to 78 as Attock Refinery joins the main frontier index, with changes effective December 1
Business Desk
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Attock Refinery (ATRL) is the sole Pakistani addition to the main MSCI Frontier Markets Index
MSCI's November 2026 review includes the addition of Attock Refinery Limited to its Frontier Markets Index and the removal of Pakistan Oxygen Limited and Flying Cement Company Limited from its Frontier Markets Small Cap Index.
Pakistan will have 108 stocks across the two indexes following the changes, a net reduction of one company.
According to JS Global Research, the changes are scheduled to take effect from December 1, following implementation at the close of trading on November 30.
Which Pakistani companies were added and removed?
Attock Refinery (ATRL) is the sole Pakistani addition to the main MSCI Frontier Markets Index. Pakistan Oxygen (PAKOXY) and Flying Cement (FLYNG) are the two Pakistani deletions from the Small Cap Index. MSCI announced no other additions or deletions involving Pakistani securities in either benchmark.
Attock Refinery had a market capitalization of USD 370 million and a six-month average daily traded value of USD 2.4 million, according to JS Global Research.
Its shares gained 13% in fiscal year 2027 to date and 41% during calendar year 2026, based on closing prices as of November 11.
Pakistan Oxygen, which operates in the chemical sector, had a market capitalization of USD 110 million, while cement producer Flying Cement was valued at USD 108 million.
JS Global's report listed both companies with zero six-month average daily traded value.
How does the review affect Pakistan's representation?
Pakistan's representation in the main MSCI Frontier Markets Index will rise from 29 to 30 companies following Attock Refinery's inclusion, while its small-cap constituents will decline from 80 to 78.
The combined number of Pakistani companies represented across the two indexes will therefore fall from 109 to 108.
The MSCI Frontier Markets Index tracks large- and mid-cap companies in frontier markets, while the separate small-cap benchmark covers smaller listed businesses.
MSCI announced the November index review on November 11, with changes scheduled to take effect from December 1.
The review is part of MSCI's regular index maintenance process, which reassesses constituent eligibility and updates its equity benchmarks.
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