MSCI has removed Bank Alfalah, Engro Polymer & Chemicals, and Indus Motor Company from its MSCI Frontier Markets Small Cap Index in its semi-annual index review. The three companies had been added to the index in May 2022. Pakistan has an estimated weight of 0.6% in MSCI FM Standard Index. Only two Pakistani stocks stay in the MSCI FM Pakistan Index: Engro Corporation and Oil & Gas Development Company (OGDC). Following the deletions, the MSCI FM Small Cap index includes Hub Power Company, Systems Limited, United Bank Limited, Lucky Cement, Fauji Fertilizer Company, MCB, Engro Fertilizers Limited, The Resource Group, Habib Bank Limited, Mari Petroleum, Pakistan Oilfields Limited, Millat Tractors Limited, Pakistan Petroleum Limited, and Pakistan State Oil. Pakistan was downgraded from its status as an emerging market by MSCI in September 2021, a little over four years after it was reclassified from the Frontier Markets Index by MSCI, as the market no longer meets the standards for size and liquidity, although it still meets the requirements for market accessibility under the classification framework for Emerging Markets.

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