The Pakistan Stock Exchange (PSX) has replaced Engro Fertilizers Limited with National Bank of Pakistan (NBP) in the UBL Pakistan Enterprise Index (UPP9) following its latest index re-composition exercise conducted as of October 30, 2026. The revised composition took effect on Tuesday, November 3, 2026, bringing a change to the nine companies included in the index. Under the updated arrangement, NBP has entered the index as a constituent company, while Engro Fertilizers has been removed from the list.
According to a notice issued by the Pakistan Stock Exchange, the re-composition was carried out in accordance with the relevant index rules published on the exchange’s official website. The notice identified National Bank of Pakistan as the incoming company and Engro Fertilizers Limited as the outgoing constituent. The adjustment forms part of the exchange’s periodic review process, through which index constituents and their respective weights are updated under established selection and calculation criteria.
Following the re-composition, Fauji Fertilizer Company Limited (FFC) and United Bank Limited (UBL) hold the highest weights in the UPP9 Index, with each accounting for 16% of the total index composition. Their positions give both companies the largest individual representation among the nine constituents. Meezan Bank Limited follows with a weight of 13.63%, reflecting its position as another major constituent in the revised index.
Engro Holdings Limited has been assigned a weight of 13.21%, while The Hub Power Company Limited carries a weight of 10.73%. Lucky Cement Limited accounts for 9.82% of the index, followed by Habib Bank Limited (HBL) with 9.76%. These companies represent a combination of financial institutions, industrial businesses and energy-sector participants within the UPP9 Index.
Systems Limited has a weight of 6.20%, while National Bank of Pakistan enters the revised composition with a weight of 4.65%. NBP has the lowest individual weighting among the nine constituent companies. Its inclusion introduces another major banking institution into the index, while the removal of Engro Fertilizers changes the sector representation of the overall portfolio.
The revised UPP9 Index composition as of October 30, 2026, includes Fauji Fertilizer Company Limited, United Bank Limited, Meezan Bank Limited, Engro Holdings Limited, The Hub Power Company Limited, Lucky Cement Limited, Habib Bank Limited, Systems Limited and National Bank of Pakistan. The weights assigned to these companies determine their respective contributions to the index’s overall performance.
The inclusion of National Bank of Pakistan is particularly relevant for the banking sector, as the institution joins other major financial companies already represented in the index. United Bank Limited, Meezan Bank Limited and Habib Bank Limited collectively maintain a significant presence in the revised composition. Their combined representation highlights the importance of the banking sector within the index alongside companies operating in fertiliser, energy, cement and technology businesses.
Index re-composition is an important process in the functioning of equity markets because it updates the companies and weightings used to track a particular group of listed securities. Such adjustments can influence the composition of investment portfolios and the exposure of funds or market participants that follow the relevant index. However, inclusion in an index does not guarantee a particular share-price performance, as market movements continue to depend on company results, investor sentiment and broader economic conditions.
With the revised composition effective November 3, 2026, National Bank of Pakistan has officially joined the UBL Pakistan Enterprise Index, replacing Engro Fertilizers Limited. The updated structure maintains nine constituent companies and establishes new weightings reflecting the latest re-composition exercise conducted by the Pakistan Stock Exchange.
Follow the PakBanker Whatsapp Channel for updates across Pakistan’s banking ecosystem.