MSCI adds ATRL, drops FLYNG, PAKOXY in November review

November 12, 2026 (MLN): Pakistan will see Attock Refinery Limited enter the MSCI Frontier Markets Index, while Flying Cement Company Limited and Pakistan Oxygen Limited will be dropped from the MSCI Frontier Markets Small Cap Index, according to MSCI’s  review results issued from Geneva on November 11, 2026.

The changes will take effect as of the close of business on November 30, 2026.

The review is based on data as of the price cutoff date of October 20, 2026.

MSCI said the results may be updated to reflect corporate events, Ineligible Alert Board (IAB) treatments or other relevant adjustments between the cutoff date and the effective date.

The outcome leaves Pakistan with a net gain of one name in the standard Frontier Markets Index and a net loss of two in the Small Cap Index. There are no Pakistani additions in the Small Cap segment this cycle.

Bangladesh dominates the Small Cap overhaul

The Small Cap review was far larger in scale, with 12 countries seeing changes and 100 securities added against 21 deleted.

Bangladesh accounted for 83 of the additions and 8 of the deletions, while Vietnam saw 7 additions and 6 deletions.

Romania gained three names with no deletions.

Morocco added two, and Sri Lanka, Kenya and Croatia each saw one addition and one deletion. Oman and Iceland each lost one name with no additions, while Tunisia and Jordan each gained one.

In the standard Frontier Markets Index, nine countries were affected, with 12 additions and 10 deletions in total.

Bangladesh added six names and dropped four, and Vietnam added two and dropped three.

 Oman, Kenya and Romania each added one name, while Bahrain, Morocco and Ivory Coast each lost one.

Several changes reflect stocks moving between the two indexes.

Beximco Pharmaceuticals, BRAC Bank, City Bank, Lafargeholcim Bangladesh and Prime Bank enter the standard index and leave the Small Cap index.

Conversely, Bangladesh Export Import, Jet Contractors of Morocco, and Vietnam’s Development Investment Construction, FPT Securities and PC1 Group move from the standard index into Small Cap.

MSCI Frontier Markets Index: full constituent changes

MSCI Frontier Markets Small Cap Index: full constituent changes

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