The Pakistan Stock Exchange (PSX) has carried out the re-composition of the JS Momentum Factor Index (JSMFI) as of August 31, 2026, in accordance with the applicable index rules. The latest re-composition has resulted in five companies being inducted into the index while five existing constituents have been removed. The changes are scheduled to become effective from Monday, September 7, 2026, following the completion of the index review process.
Pakistan Petroleum Limited, Thatta Cement Company Limited, Pakistan State Oil Company Limited, Maple Leaf Cement Factory Limited, and Sui Southern Gas Company Limited have been added to the JS Momentum Factor Index under the latest re-composition. These companies will replace Ghandhara Industries Limited, Habib Bank Limited, Meezan Bank Limited, Pakistan Telecommunication Company Limited, and United Bank Limited, respectively. The changes reflect the latest adjustments carried out by the Pakistan Stock Exchange under the relevant rules governing the composition of the index.
Following the re-composition, Pakistan Refinery Limited has emerged as the company with the largest weight in the JS Momentum Factor Index, holding a 15.13% share of the index. Cnergyico PK Limited follows with a weight of 13.72%, while Maple Leaf Cement Factory Limited, one of the newly inducted companies, carries a weight of 13.06%. The revised weight distribution establishes the relative representation of the constituent companies within the index following the latest changes.
The re-composition involves companies from several important segments of Pakistan’s listed corporate sector, including petroleum, cement, energy, banking, telecommunications, and industrial businesses. The replacement of five existing constituents with five incoming companies represents the latest adjustment to the index based on the applicable methodology and index rules. The changes will formally take effect on September 7, allowing the revised composition and weights to be reflected in the index from that date.
The Pakistan Stock Exchange disseminated the information through an official notification to the Exchange. The notification provided details of the changes resulting from the re-composition as of August 31, 2026. The latest adjustment provides market participants with the updated list of companies forming part of the JS Momentum Factor Index and their respective representation following the review.
With Pakistan Refinery Limited, Cnergyico PK Limited, and Maple Leaf Cement Factory Limited holding the three largest weights after the re-composition, the revised index will take effect from Monday, September 7, 2026. The changes mark the latest scheduled adjustment to the JS Momentum Factor Index in line with its relevant rules, with the five incoming companies replacing the five outgoing constituents from the effective date.
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