Bank AL Habib Limited and Systems Limited have been removed from the NIT Pakistan Gateway Index (NITPGI) following its latest re-composition, reducing the index to 11 constituent companies. The Pakistan Stock Exchange (PSX) carried out the re-composition as of September 30, 2026, in accordance with the index’s established rules. The revised composition became effective on October 21, 2026, according to a notice issued by the exchange. The changes alter the representation of banking, technology, energy, fertiliser and other listed companies within the index, which tracks a selected group of companies listed on Pakistan’s equity market.
The removal of Bank AL Habib and Systems Limited means that both companies will no longer form part of the revised NITPGI composition following the effective date. Bank AL Habib operates in Pakistan’s banking sector, while Systems Limited is a technology company with business interests in information technology services. Their removal reflects the outcome of the index re-composition exercise, which was conducted under the applicable selection and review rules. The notice did not provide a separate explanation attributing the removal of either company to a particular financial or operational development, so the changes should be understood in the context of the index review rather than as an independent assessment of the companies’ overall business performance.
Fauji Fertilizer Company Limited emerged as the largest constituent in the revised index, carrying a weight of 17.04 percent. United Bank Limited ranked second with a weighting of 14.68 percent, followed by Meezan Bank Limited at 9.94 percent. These weightings determine each company’s relative representation within the index and show the proportion assigned to individual constituents under the revised composition. The presence of major listed companies from different sectors means the index continues to provide exposure to a combination of financial institutions, energy businesses, industrial companies and other prominent participants in Pakistan’s stock market.
Engro Holdings Limited holds the fourth position in the revised index, with a weight of 9.47 percent. Oil and Gas Development Company Limited follows at 8.13 percent, while The Hub Power Company Limited carries a weighting of 7.80 percent. Lucky Cement Limited accounts for 7.26 percent of the index, and Habib Bank Limited represents 7.15 percent. These companies maintain substantial representation in the revised portfolio, reflecting their respective assigned weights under the re-composition. Their inclusion also preserves exposure to several important segments of Pakistan’s listed corporate sector, including energy production, power generation, cement manufacturing and commercial banking.
The remaining constituents are MCB Bank Limited, with a weight of 6.44 percent; Mari Energies Limited, at 6.05 percent; and Pakistan Petroleum Limited, at 6.04 percent. Together with the seven higher-weighted companies, these businesses complete the revised index of 11 constituents. The updated composition shows that banking and energy-related companies continue to account for a significant part of the index, alongside businesses operating in fertilisers, industrial holdings, power generation and cement. The revised weightings provide investors and market participants with an updated reference for understanding the index’s constituent structure after the removal of the two companies.
Index re-compositions are an established feature of equity markets, allowing indices to be reviewed and adjusted according to their specific methodologies and eligibility criteria. Such exercises can change the relative representation of listed companies and provide investors with updated information about the composition of an index. For funds and investment products that track an index, constituent changes may also require adjustments to their holdings, depending on their investment mandates and tracking strategies. However, the removal of a company from a particular index does not, by itself, mean that its shares have been delisted from the stock exchange or that investors can no longer trade them.
The latest NITPGI changes took effect on October 21 following the September 30 review date. With Bank AL Habib Limited and Systems Limited removed, the revised index now comprises Fauji Fertilizer Company, United Bank, Meezan Bank, Engro Holdings, Oil and Gas Development Company, The Hub Power Company, Lucky Cement, Habib Bank, MCB Bank, Mari Energies and Pakistan Petroleum. Fauji Fertilizer Company has the largest assigned weight at 17.04 percent, while Pakistan Petroleum holds the lowest weighting among the revised constituents at 6.04 percent. The updated composition provides market participants with a revised view of the companies represented in the NIT Pakistan Gateway Index and their respective weightings following the exchange’s scheduled review.
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