MSCI adds 1 Pakistani co to Frontier Market Small Cap Index

Morgan Stanley Capital International (MSCI) has added Air Link Communications to its Frontier Markets Small Cap Index in its August 2026 review, Business Recorder reported. In the same review, Biafo Industries was removed from that index, and JS Global said Pakistan now has 80 stocks in it.

The benchmark Frontier Markets Index showed no change for Pakistan, with JS Global counting 109 Pakistani stocks in it. Those changes take effect once markets close on August 31, 2026. Business Recorder also noted that MSCI downgraded Pakistan from emerging market status in September 2021, just over four years after moving it out of the Frontier Markets Index. At that time, MSCI said Pakistan's equity market still met accessibility criteria for emerging markets but no longer satisfied its size and liquidity standards.