Morgan Stanley Capital International (MSCI), a leading global provider of decision-support tools and services for investors, has announced the inclusion of several additional Pakistani companies in its November 2025 index review.
According to the latest update, three Pakistani companies have been added to the MSCI Frontier Markets (FM) Index, while eleven companies have been included in the FM Small Cap Index. Meanwhile, two Pakistani companies have been removed from the Small Cap Index.
Sources confirmed that the Pakistani companies added to the Frontier Markets Index include:
- Askari Bank
- Bank of Punjab
- Meezan Bank
These changes will take effect after the close of trading on November 24, 2025.
MSCI stated that, in terms of full market capitalization, the three largest additions to the Frontier Markets Index are:
- Vietnam Airlines JSC (Vietnam)
- Meezan Bank (Pakistan)
- Bank Al Etihad (Jordan)
The 11 Pakistani securities added to the FM Small Cap Index are:
- AGP
- Big Bird Foods
- Gatron Industries
- Ghani Chemical Industries
- Ghani Global Holdings
- International Packaging Films
- ICI Chemicals
- Javedan Corporation
- Sitara Chemical Industries
- SPEL Limited
- The Organic Meat Company Limited
Additionally, the Bank of Punjab has been moved from the Small Cap Index to the main Frontier Markets Index, while Atlas Battery has been removed from the index entirely.
It is worth noting that in September 2021, MSCI downgraded Pakistan from Emerging Markets status back to Frontier Markets, stating at the time that although Pakistan met market accessibility criteria, it failed to meet required standards relating to market size and liquidity.
