Pakistan Stock Exchange has completed the re-composition of the JS Momentum Factor Index as of July 31, 2026, with nine constituent companies replaced in accordance with the relevant index rules. The changes took effect from Friday, August 7, 2026, bringing a revised group of 10 companies into the index. The re-composition has resulted in the removal of companies including Maple Leaf Cement Factory Limited, Sui Northern Gas Pipelines Limited and Pakistan Stock Exchange Limited, while nine new companies have been added to the revised index structure.
The incoming companies are Pakistan Refinery Limited, United Bank Limited, Cnergyico PK Limited, Meezan Bank Limited, National Refinery Limited, Ghandhara Industries Limited, Attock Refinery Limited, Pakistan Telecommunication Company Limited and Habib Bank Limited. These companies have replaced Maple Leaf Cement Factory Limited, Sui Northern Gas Pipelines Limited, Pakistan Stock Exchange Limited, Sui Southern Gas Company Limited, Thatta Cement Company Limited, Interloop Limited, D.G. Khan Cement Company Limited, PIA Holding Company Limited and The Organic Meat Company Limited, respectively. The changes were carried out as part of the scheduled index re-composition based on the applicable rules.
In the revised JS Momentum Factor Index, United Bank Limited has the highest weight at 18.73 percent, making it the largest constituent by representation. Meezan Bank Limited follows with a weight of 12.77 percent, while Pakistan Refinery Limited holds a 10.03 percent weight. Habib Bank Limited has been assigned 9.59 percent, followed by Ghandhara Automobiles Limited at 9.20 percent and Attock Refinery Limited at 8.78 percent. National Refinery Limited carries a weight of 8.52 percent, while Pakistan Telecommunication Company Limited accounts for 8.11 percent. Cnergyico PK Limited has a weight of 7.97 percent and Ghandhara Industries Limited carries 6.29 percent.
The revised index brings together companies from several major segments of Pakistan’s listed corporate sector, including banking, oil refining, telecommunications and industrial manufacturing. The banking sector is represented by United Bank Limited, Meezan Bank Limited and Habib Bank Limited, while the energy and refining segment includes Pakistan Refinery Limited, Attock Refinery Limited, National Refinery Limited and Cnergyico PK Limited. Pakistan Telecommunication Company Limited represents the telecommunications sector, while Ghandhara Automobiles Limited and Ghandhara Industries Limited provide representation from the automotive and industrial segments.
The Pakistan Stock Exchange disseminated the details of the re-composition through a notification to the exchange. The revised constituent list and weights are based on the index position as of July 31, 2026, with the changes becoming effective on August 7. The latest exercise changes both the membership and weight distribution of the JS Momentum Factor Index, giving market participants an updated view of the companies included in the benchmark. The replacement of nine companies also marks a substantial revision to the index’s constituent structure under the applicable index methodology.
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