MSCI has made one addition and one deletion from Pakistan’s representation in its frontier-market small-cap index, adding Air Link Communication Limited and removing Biafo Industries Limited in its latest semi-annual review.
The changes will take effect after the close of trading on August 31, 2026.
Air Link Communication has been added to the MSCI Pakistan Small Cap Index, while Biafo Industries has been removed. The move leaves Pakistan’s overall number of constituents in the small-cap index unchanged.
The inclusion of Air Link could increase its visibility among international funds and exchange-traded funds that track MSCI frontier-market benchmarks. Meanwhile, Biafo’s removal could reduce its exposure.
The changes are not expected to have a major market-wide impact given Pakistan’s relatively small weighting in the broader MSCI frontier-market universe.
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