PSX updates KMI All Share Islamic Index

November 25, 2025 (MLN):Pakistan’s stock exchange has expanded its Shariah-compliant universe, adding 35 companies and removing 12 from its PSX-KMI All Share Islamic Index as part of a semiannual rebalancing that takes effect December 2, 2025.

The recomposition brings the total number of constituents to 281, according to a notice issued by the Pakistan Stock Exchange.

The review, covering Jan. 1 to June 30, 2025, is based on Shariah financial screening related to debt ratios, non-compliant income, investment thresholds, and liquidity metrics.

Several large-cap names, including Air Link Communication Ltd., Attock Cement Pakistan Ltd., Engro Powergen Qadirpur Ltd., Kohat Cement Co., National Refinery Ltd., and Siemens Pakistan Engineering Co., joined the universe.

Textiles, chemicals, and manufacturing firms also make up a significant share of the additions.

Removals include Bestway Cement Ltd., Unity Foods Ltd., Sapphire Fibres Ltd., Abdullah Shah Ghazi Sugar Mills Ltd., and Cordoba Logistics & Ventures Ltd.

Most exclusions were triggered by Shariah non-compliance, with some companies entering the exchange’s non-compliant segment.

Islamic equity funds and Shariah-screened portfolios typically adjust allocations around such rebalances, often leading to short-term shifts in liquidity across affected stocks.

Below is a summary of incoming and outgoing companies for the period:

PSX–KMI All Share Islamic Index Recomposition 

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