MSCI adds 1 Pakistani co to Frontier Market Small Cap Index
- Pakistan now has 80 stocks in the MSCI FM Small Cap Index, said JS Global
MSCI's August 2026 review added Air Link Communications to its Frontier Market Small Cap Index and removed Biafo Industries, bringing Pakistan's total to 80 stocks.
- MSCI's August 2026 index review for Pakistani companies.
- Specific additions and deletions from the FM Small Cap Index.
- Pakistan's current stock count in the MSCI FM Small Cap Index.
- Historical downgrade of Pakistan from Emerging Market status.
Morgan Stanley Capital International (MSCI) Inc., a leading provider of critical decision support tools and services, announced the addition of one Pakistani company as a constituent on its Frontier Market (FM) Small Cap Index as part of its August 2026 index review.
Meanwhile, one Pakistani company has been removed from its FM Small Cap Index.
In the MSCI Frontier Markets Small Cap Indexes, one Pakistani company, i.e. Air Link Communications, has been added, while Biafo Industries has been deleted, stated MSCI in the note.
With the latest development, Pakistan now has 80 stocks in the MSCI FM Small Cap Index, said JS Global in a note.
Meanwhile, there was no change in the MSCI Frontier Markets Index for Pakistan.
As per JS Global, Pakistan has 109 stocks in the MSCI Frontier Markets Index.
MSCI adds 1 Pakistani co to Frontier Market Index, 3 to FM Small Cap Index
These changes are to take effect from the close of August 31, 2026.
In September 2021, Pakistan was downgraded from its status as an emerging market, a little over four years after it was reclassified from the Frontier Markets (FM) Index by MSCI.
Back then, MSCI had said that while the Pakistani equity market meets the requirements for market accessibility under the classification framework for Emerging Markets, it no longer meets the standards for size and liquidity.
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