MSCI adds Air Link, removes Biafo from Pakistan’s FM Small Cap Index

Morgan Stanley Capital International has added Air Link Communication to its Frontier Market Small Cap Index and removed Biafo Industries from it in the August 2026 quarterly review. Profit reported that MSCI announced the changes on August 12, and they will become effective once trading closes on August 31, 2026.

Pakistan's count in the index rises to 80 stocks following the update, JS Global noted. The broader MSCI Frontier Markets Index, which holds 109 Pakistani stocks, has seen no change. Air Link carries a market value of $194 million and turnover averaging $0.8 million a day over six months, while Biafo, valued at $21 million, averaged $0.1 million daily before its exit.

Pakistan Refinery recorded the highest six-month average turnover among the listed constituents at $1.7 million, ahead of Pak Elektron at $1.6 million and Cnergyico at $1.5 million. Pakistan had been moved from MSCI's Emerging Markets Index to the Frontier Markets Index in September 2021, when the index provider said it met accessibility rules but fell short on size and liquidity.