Attock Refinery Ltd. (ATRL) is set to join the MSCI Pakistan Index on Dec. 1, 2026, following the global index provider’s review, marking a significant addition to Pakistan’s equity market even as the country’s overall weight in the MSCI Frontier Markets Index declines.
MSCI announced the changes as part of its November 2026 Frontier Markets Index Review, adding ATRL after its Foreign Inclusion Factor-adjusted free-float market capitalization reached $168 million at the end of October, comfortably surpassing the minimum eligibility threshold of $116 million.
With ATRL’s inclusion, the number of constituents in the MSCI Pakistan Index will rise to 30. Meanwhile, PAKOXY and Flying Cement have been removed from the MSCI Frontier Markets Small Cap Index as part of the latest review.
Pakistan’s weight declines to 4.98%.
Despite ATRL’s addition, Pakistan’s weight in the MSCI Frontier Markets Index fell to 4.98% in the November 2026 review, down from 5.2% in the previous review conducted in August.
According to market calculations, the decline primarily reflects an increase in the combined market capitalization of other countries’ index constituents relative to Pakistan, reducing the country’s overall share of the benchmark.
The development comes as the KSE-100 Index declined 5.5% during the review period, highlighting the pressure on Pakistan’s equity market.
ATRL’s inclusion adds another constituent to Pakistan’s representation in MSCI’s frontier market benchmark, while the decline in the country’s overall index weight underscores the relative performance of its equity market against other frontier markets.
