The Pakistan Stock Exchange (PSX) has officially reconstituted the NBP Pakistan Growth Index (NBPPGI), adding National Bank of Pakistan (NBP) while removing Pakistan State Oil (PSO) from the benchmark, according to a notice issued by the exchange on Friday. The changes come as part of the index’s scheduled review process and are effective from February 9, 2026.
The re-composition of the index was carried out as of January 30, 2026, in line with the rules and methodology set out in the NBPPGI rulebook, PSX said. The revision is expected to have implications for portfolio managers and funds that track the index, as adjustments may be required to reflect the updated constituents and their respective weights.
The new lineup of the NBP Pakistan Growth Index now includes 15 companies, with National Bank of Pakistan joining the benchmark at a weight of 7.45%, replacing Pakistan State Oil. Other major constituents retain their positions, with Fauji Fertilizer Company Ltd. (FFC) holding the largest weight at 10%, followed by Pakistan Petroleum Ltd. (PPL) and Oil & Gas Development Company Ltd. (OGDC) each at 9.47%, and United Bank Ltd. (UBL) at 9.11%. Hub Power Company Ltd. (HUBC) carries a weight of 8.81%, while Mari Energies Ltd. (MARI) is at 7.44%, Lucky Cement Ltd. (LUCK) at 6.64%, and Engro Holdings Ltd. (ENGROH) at 6.19%. Meezan Bank Ltd. (MEBL) is included with 5.87%, Habib Bank Ltd. (HBL) at 5.46%, Systems Ltd. (SYS) at 3.82%, Engro Fertilizers Ltd. (EFERT) at 3.81%, MCB Bank Ltd. (MCB) at 3.47%, and Bank AL Habib Ltd. (BAHL) at 3%.
The PSX emphasized that the updated index composition reflects the evolving market capitalization and liquidity profile of listed companies, ensuring that the benchmark continues to serve as a representative measure of Pakistan’s growth-oriented equities. The exchange also noted that index rebalancing is essential for maintaining the integrity and accuracy of the NBPPGI as a tool for both investors and portfolio managers.
Analysts note that the inclusion of NBP signals investor confidence in the banking sector and highlights the institution’s robust performance metrics, while the exclusion of PSO aligns with current market dynamics and liquidity considerations. This reconstitution may influence trading strategies and fund allocations, as index-tracking funds and exchange-traded products adjust their holdings to reflect the new weights.
The NBPPGI, a key benchmark of the PSX, plays a significant role in guiding long-term investment strategies, offering insight into growth-oriented segments of the Pakistani equity market. Portfolio managers and institutional investors typically monitor such index revisions closely, as they often indicate market sentiment and sectoral performance trends.
As the revised index composition takes effect from Monday, investors and fund managers are expected to recalibrate their portfolios accordingly, balancing exposure to the newly included National Bank of Pakistan while reducing holdings in Pakistan State Oil. This routine reconstitution underscores the PSX’s commitment to maintaining a transparent, rules-based approach to index management while supporting market participants with reliable, actionable benchmarks.
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