MSCI adds Attock Refinery to FM Index in Nov’26 review

KARACHI (Staff Report): MSCI Inc. has added Attock Refinery Limited (ATRL) to its Frontier Markets (FM) Index as part of its November 2026 quarterly index review.

According to the review released on November 12, ATRL has been added as a new constituent to the MSCI FM Index. The company, from the Refinery sector, has a market capitalization of $370 million and has delivered a calendar-year-to-date US dollar performance of 42% as of November 11, 2026.

Meanwhile, two Pakistani companies have been removed from the MSCI FM Small Cap Index — Flying Cement Company Limited (FLYNG) and Pakistan Oxygen Limited (PAKOXY).

FLYNG, with an MCAP of $108 million and CYTD performance of -21%, and PAKOXY, with MCAP of $110 million and CYTD return of 13%, have been deleted from the Small Cap index.

The aforementioned changes in index constituents will take place as of the close of November 30, 2026.