Morgan Stanley Capital International (MSCI) has added Attock Refinery Limited (ATRL) to its MSCI Pakistan Index as part of its November 2026 review of Frontier Market indexes. The inclusion will become effective on December 1, 2026, bringing the total number of companies in the MSCI Pakistan Index to 30.
The development marks an important update for Pakistan’s equity market, as Attock Refinery joins the list of companies represented in the internationally tracked index. The inclusion also reflects the company’s eligibility under MSCI’s market capitalization and foreign investment criteria.
According to a report by Topline Securities, Attock Refinery qualified for inclusion after its Foreign Inclusion Factor (FIF)-adjusted free-float market capitalization reached $168 million at the end of October 2026. This figure was higher than the minimum required threshold of $116 million.
The difference between the company’s adjusted market capitalization and the minimum eligibility requirement helped it meet the conditions for inclusion in the index.
MSCI conducts periodic reviews of its global equity indexes to ensure that their constituents continue to meet established eligibility requirements. These reviews consider factors such as market capitalization, free-float availability, liquidity and foreign investor accessibility.
The November 2026 review covers MSCI Frontier Market indexes, which track selected equity markets classified within the frontier market category. Changes resulting from these reviews can influence the composition of country-level indexes and their representation in international investment portfolios.
For Pakistan, the addition of Attock Refinery increases the number of constituent companies in the MSCI Pakistan Index to 30. The index serves as an important reference for international investors monitoring Pakistan’s stock market and evaluating exposure to listed Pakistani companies.
Attock Refinery Limited is one of Pakistan’s established oil refining companies. Its operations form part of the country’s petroleum industry, which plays a significant role in meeting domestic fuel and energy requirements.
The company’s inclusion may also bring greater attention from international institutional investors and funds that track MSCI indexes. Investment funds using these benchmarks may review their portfolios in response to changes in index composition, although actual investment activity depends on individual fund strategies and market conditions.
The Foreign Inclusion Factor is particularly important in MSCI’s index methodology because it helps determine the portion of a company’s shares available to international investors. A company’s total market capitalization alone does not determine its eligibility, as the availability of shares for foreign investment is also considered.
With Attock Refinery’s inclusion scheduled for December 1, investors will be watching the implementation of the latest index changes and their potential implications for Pakistan’s equity market.
The development adds another company to Pakistan’s representation in the MSCI Frontier Market framework and highlights the role of market capitalization, liquidity and foreign investment accessibility in determining index membership.