Investment research firm and stock market index provider Morgan Stanley Capital International (MSCI) has added 14 Pakistani-listed companies to its Frontier Market and Frontier Market Small Cap Indexes as part of its November 2025 Index Review.
The changes will come into effect after the market closes on November 24, 2025.
Askari Bank (AKBL), Bank of Punjab (BOP), and Meezan Bank (MEEZAN) will be added to the MSCI Frontier Market Index. There were no deletions from the gauge, according to the index provider.
11 Pakistani companies have been added to the MSCI Frontier Markets Small Cap Index, including AGP Limited, Big Bird Foods Limited, Gatron Industries Limited, Ghani Chemical Industries Limited, Ghani Global Holdings Ltd, International Packaging Films Ltd, Ittehad Chemicals Ltd, Javedan Corporation Limited, Sitara Chemical Industries Limited, Synthetic Products Enterprises Limited (SPEL) and The Organic Meat Company Limited (TOMCL)
Two stocks, Atlas Battery Limited and Bank of Punjab (BOP), will be removed from the small-cap index.
The latest reshuffle highlights Pakistan’s expanding presence in frontier market equities and is expected to attract greater foreign investor interest in the country’s banking and industrial sectors.
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