PSX recomposes MII30, JSMFI

June 05, 2026 (MLN): The Pakistan Stock Exchange (PSX) has executed a major rebalancing of two of its prominent tracking indices, the Mahaana Islamic Index (MII30) and the JS Momentum Factor Index (JSMFI).

The reshuffle, based on market data evaluated as of May 29, 2026, reflects shifting corporate fortunes and fresh liquidity trends in South Asia's frontier market.

The structural changes take effect today, Friday, June 5, 2026, forcing passive funds and institutional investors to realign their portfolios to match the new benchmarks.

Mahaana Islamic Index (MII30):

The Shariah-compliant MII30 index saw a notable entry of consumer and industrial mainstays, while severing ties with several legacy cement and pharmaceutical players.

Service Industries Limited and Colgate-Palmolive (Pakistan) Limited led the list of six incoming corporate entities, replacing Pioneer Cement and Lucky Core Industries, among others.

Following the re-composition, Fauji Fertilizer Company Limited cements its position as the undisputed titan of the Islamic index, commanding a massive 15.50% weight, followed by Engro Holdings at 9.26% and Meezan Bank at 7.72%.

MII30 Index Roster Changes

Top 10 Constituents of MII30 by Weight

 (Note: The remaining 20 constituents hold weights ranging from 2.90% down to 0.73%.)

JS Momentum Factor Index (JSMFI):

Simultaneously, the JS Momentum Factor Index (JSMFI) designed to track stocks showing the strongest price and volume trends, underwent a radical top-to-bottom transformation.

A total of nine companies were swapped out. Refineries and banking institutions bore the brunt of the momentum shift, with Attock Refinery, National Refinery, Pakistan Refinery, and United Bank Limited all axed from the index.

Taking their place are high-velocity plays like TRG Pakistan, Pakistan Petroleum Limited (PPL), and a cluster of aggressive cement manufacturers. The re-weighted JSMFI is now hyper-concentrated in its top five holdings, which together aggregate more than 75% of the entire index's allocation.

PPL immediately captures the throne with a dominant 19.65% weight, closely tracked by D.G. Khan Cement at 16.53%.

JSMFI New Roster and Weights

The dual re-balancing engineered by the PSX's Strategy, Products & Data Science team highlights a stark rotation of capital in the Pakistani market.

Investors are doubling down on cash-rich fertilizer giants and high-beta energy and cement plays, while moving away from defensive pharmaceuticals and cooling refinery stocks.

Passively managed funds tracking these indices will experience immediate turnover pressure as trading commences under the new rules.  

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