The Pakistan Stock Exchange (PSX) has completed the re-composition of the JS Momentum Factor Index (JSMFI) as of July 31, 2026, replacing nine constituent companies in accordance with the relevant index rules.

According to a notification issued by the Exchange, the revised index composition will become effective from Friday, August 7, 2026.

The companies added to the index are:

1. Pakistan Refinery Limited (PRL)
2. United Bank Limited (UBL)
3. Cnergyico PK Limited (CNERGY)
4. Meezan Bank Limited (MEBL)
5. National Refinery Limited (NRL)
6. Ghandhara Industries Limited (GHNI)
7. Attock Refinery Limited (ATRL)
8. Pakistan Telecommunication Company Limited (PTCL)
9. Habib Bank Limited (HBL)

The companies removed from the index are:

1. Maple Leaf Cement Factory Limited
2. Sui Northern Gas Pipelines Limited (SNGPL)
3. Pakistan Stock Exchange Limited (PSX)
4. Sui Southern Gas Company Limited (SSGC)
5. Thatta Cement Company Limited
6. Interloop Limited
7. D.G. Khan Cement Company Limited
8. PIA Holding Company Limited
9. The Organic Meat Company Limited (TOMCL)

Following the re-composition, United Bank Limited (UBL) emerged as the largest constituent of the index with a weight of 18.73%, followed by Meezan Bank Limited (MEBL) at 12.77% and Pakistan Refinery Limited (PRL) at 10.03%.

The revised constituents and their respective weightings are:

1. United Bank Limited (UBL) – 18.73%
2. Meezan Bank Limited (MEBL) – 12.77%
3. Pakistan Refinery Limited (PRL) – 10.03%
4. Habib Bank Limited (HBL) – 9.59%
5. Ghandhara Automobiles Limited (GAL) – 9.20%
6. Attock Refinery Limited (ATRL) – 8.78%
7. National Refinery Limited (NRL) – 8.52%
8. Pakistan Telecommunication Company Limited (PTCL) – 8.11%
9. Cnergyico PK Limited (CNERGY) – 7.97%
10. Ghandhara Industries Limited (GHNI) – 6.29%

The JS Momentum Factor Index is reviewed periodically under the PSX Index Rules to ensure its constituents continue to reflect the prescribed momentum-based methodology.

The revised index composition and constituent weightings will take effect from August 7, 2026.