_20260529073616622_a5048c.jpeg?ssl=1 "PSX Rebalances MII30 and JSMFI Indices, Shifting Focus to Fertilizers and Energy")
June 5, 2026 (MLN): The Pakistan Stock Exchange (PSX) has completed a significant rebalancing of two major indices—the Mahaana Islamic Index (MII30) and the JS Momentum Factor Index (JSMFI). The changes, based on May 29 data, reflect evolving corporate fortunes and liquidity trends in South Asia’s frontier market.
The index compositions took effect today, prompting passive funds and institutional investors to adjust their portfolios to align with the new benchmarks.
No Islamic Index (MII30)
The Shariah‑compliant MII30 added several consumer and industrial leaders while removing legacy cement and pharmaceutical companies. Service Industries Limited and Colgate‑Palmolive (Pakistan) Limited were the top two new entrants, replacing Pioneer Cement and Lucky Core Industries.
Following the re‑composition, Fauji Fertilizer Company Limited dominates the index with a 15.50% weight, followed by Engro Holdings (9.26%) and Meezan Bank (7.72%).
MII30 Index Roster Changes
Incoming Companies
- Service Industries Limited
- Colgate‑Palmolive (Pakistan) Limited
- Javedan Corporation Limited
- Nishat Mills Limited
- K‑Electric Limited
- Interloop Limited
Outgoing Companies
- Pioneer Cement Limited
- Lucky Core Industries Limited
- Highnoon Laboratories Limited
- Kohat Cement Company Limited
- Abbott Laboratories (Pakistan) Limited
- National Foods Limited
Top 10 Constituents of MII30 by Weight
| Rank | Constituent Company | Weight (%) |
|---|---|---|
| 1 | Fauji Fertilizer Company Limited | 15.50% |
| 2 | Engro Holdings Limited | 9.26% |
| 3 | Meezan Bank Limited | 7.72% |
| 4 | The Hub Power Company Limited | 7.48% |
| 5 | Oil & Gas Development Company Limited | 7.41% |
| 6 | Lucky Cement Limited | 6.93% |
| 7 | Mari Energies Limited | 5.59% |
| 8 | Pakistan Petroleum Limited | 5.53% |
| 9 | Systems Limited | 4.61% |
| 10 | Engro Fertilizers Limited | 4.35% |
(Remaining constituents hold weights ranging from 2.90% to 0.73%.)
JS Momentum Factor Index (JSMFI)
The JSMFI, which tracks stocks with the strongest price and volume trends, underwent a comprehensive overhaul. Nine companies were replaced, with refineries and banks removed. New high‑velocity names such as TRG Pakistan, Pakistan Petroleum Limited, and several aggressive cement manufacturers were added.
The re‑weighted index is now heavily concentrated, with the top five holdings accounting for over 75% of total allocation. Pakistan Petroleum Limited leads with 19.65%, closely followed by D.G. Khan Cement at 16.53%.
JSMFI New Roster and Weights
| Rank | Symbol | Constituent Company | Weight (%) | Status |
|---|---|---|---|---|
| 1 | PPL | Pakistan Petroleum Limited | 19.65% | Incoming |
| 2 | DGKC | D.G. Khan Cement | 16.53% | Incoming |
| 3 | MLCF | Maple Leaf Cement Factory | 13.91% | Incoming |
| 4 | FFC | Fauji Fertilizer Company | 12.73% | Incoming |
| 5 | ORG | Sazgar Engineering Works | 12.53% | Retained |
| 6 | TRG | TRG Pakistan Limited | 6.28% | Incoming |
| 7 | FCCL | Fauji Cement Company | 6.27% | Incoming |
| 8 | PTC | Pakistan Telecommunication | 5.70% | Incoming |
| 9 | AIRLINK | Air Link Communication | 3.25% | Incoming |
| 10 | FCEPL | Friesland Company Wholesale Pakistan | 3.14% | Incoming |
The dual rebalancing highlights a sharp rotation of capital, with investors favoring cash‑rich fertilizer giants and high‑beta energy and cement plays, while moving away from defensive pharmaceuticals and refinery stocks.
Passive funds tracking these indices will face immediate turnover as the new rules take effect.
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