Pakistan Stock Exchange (PSX) has completed the latest rebalancing of the Alfalah Consumer Index (ACI), revising the weights assigned to its 20 constituent companies. The changes became effective on October 7, 2026, following an index review conducted with reference to September 30, 2026. The exchange announced the revised composition through notice PSX/N-1226 dated October 6, in line with the rules governing the index and the methodology available on the PSX website.
Pakistan State Oil, Millat Tractors and Lucky Cement have emerged as the three largest constituents in the revised index, with each company assigned the maximum permitted weight of 10%. Together, the three companies account for 30% of the Alfalah Consumer Index. The weighting places significant representation in companies operating across energy, automobiles and cement, reflecting the mix of large listed businesses included in the consumer-focused benchmark.
Fauji Cement has the fourth-highest weight at 8.96%, followed by Maple Leaf Cement Factory at 8.69% and D.G. Khan Cement at 8.34%. The three cement companies, together with Lucky Cement, mean that four of the six largest-weighted constituents in the index are from the cement sector. Their combined presence gives the construction materials industry a notable position within the ACI following the latest rebalancing.
Sazgar Engineering Works carries a 7.15% weight in the revised index, while Interloop has been assigned 5.39%. The Searle Company accounts for 4.65% and Sui Northern Gas Pipelines holds a 4.61% weight. Nishat Mills follows with 4.16%, while GlaxoSmithKline Pakistan and National Foods have each been assigned 3.94%. The revised structure therefore maintains representation from several major industrial and consumer-related businesses alongside energy and manufacturing companies.
International Steels has a 2.44% weight, while Kohinoor Textile Mills carries 2.19%. Mughal Iron & Steel Industries has been assigned 1.62%, followed by Fauji Foods at 1.47%. Aisha Steel Mills accounts for 1.09% of the index. At the lower end of the revised weighting structure, Gul Ahmed Textile Mills has a 0.75% allocation, while Crescent Steel & Allied Products has the smallest weight at 0.63%.
The rebalancing provides investors and market participants with an updated view of how the 20 companies contribute to the Alfalah Consumer Index. Index weights determine the relative influence of individual constituents on the movement of the benchmark, meaning companies with larger allocations have a greater impact on overall index performance than those with smaller weights. The latest review therefore changes the relative exposure of investors and funds that use the ACI as a reference for tracking the selected group of Pakistan equities.
The complete revised composition, based on the September 30, 2026 review date, includes Pakistan State Oil at 10%, Millat Tractors at 10% and Lucky Cement at 10%. Fauji Cement carries 8.96%, Maple Leaf Cement Factory 8.69%, D.G. Khan Cement 8.34%, Sazgar Engineering Works 7.15%, Interloop 5.39%, The Searle Company 4.65% and Sui Northern Gas Pipelines 4.61%. Nishat Mills has a 4.16% allocation, while GlaxoSmithKline Pakistan and National Foods each have 3.94%.
The remaining constituents include International Steels at 2.44%, Kohinoor Textile Mills at 2.19%, Mughal Iron & Steel Industries at 1.62%, Fauji Foods at 1.47%, Aisha Steel Mills at 1.09%, Gul Ahmed Textile Mills at 0.75% and Crescent Steel & Allied Products at 0.63%. The revised weights collectively represent the updated composition of all 20 companies following the exchange’s scheduled index exercise.
With the new allocations effective from October 7, the latest ACI structure will now serve as the applicable weighting framework for market participants monitoring the benchmark. The rebalancing comes as PSX continues to periodically review its indices to reflect changes under established index rules. For investors, the revised weights offer an updated picture of the relative representation of major listed companies within the Alfalah Consumer Index and the sectors contributing to its overall movement.
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