The Pakistan Stock Exchange (PSX) has completed the latest reconstitution of the JS Momentum Factor Index (JSMFI), adding eight new companies and removing eight existing constituents as part of its periodic review. The revised index composition became effective on July 7, 2026, reflecting companies with the strongest momentum characteristics in Pakistan’s equity market.
KARACHI: The Pakistan Stock Exchange (PSX) has announced the latest reconstitution of the JS Momentum Factor Index (JSMFI), introducing eight new companies while removing eight existing constituents following its periodic index review.
According to the exchange, the revised composition became effective on Tuesday, July 7, 2026, in line with the index methodology and review schedule.
Eight Companies Added to the PSX JS Momentum Factor Index
Following the latest review, the following companies have been included in the JS Momentum Factor Index:
- Sui Southern Gas Company Limited (SSGC)
- Sui Northern Gas Pipelines Limited (SNGP)
- Ghandhara Automobiles Limited (GAL)
- Thatta Cement Company Limited (THCCL)
- PIA Holding Company Limited (PIAHCLA)
- Pakistan Stock Exchange Limited (PSX)
- Interloop Limited (ILP)
- The Organic Meat Company Limited (TOMCL)
According to the PSX, these companies qualified for inclusion based on the momentum selection criteria outlined in the index methodology.
The updated index represents a broad range of sectors, including energy, automobiles, cement, textiles, aviation, capital markets, and food processing.
Eight Companies Removed from the Index
As part of the rebalancing exercise, the following companies have been excluded from the JS Momentum Factor Index:
- Air Link Communication Limited
- Fauji Cement Company Limited
- FrieslandCampina Engro Pakistan Limited
- Fauji Fertilizer Company Limited
- Pakistan Petroleum Limited (PPL)
- Pakistan Telecommunication Company Limited (PTCL)
- Sazgar Engineering Works Limited
- TRG Pakistan Limited
The PSX noted that companies may enter or exit the index depending on their momentum performance and compliance with the index’s established methodology.
Maple Leaf Cement and DG Khan Cement Receive Highest Weight
Under the revised index composition, Maple Leaf Cement Factory Limited (MLCF) and D.G. Khan Cement Company Limited (DGKC) have been assigned the highest weighting of 20% each.
The remaining constituent weightings are:
| Company | Symbol | Weight |
|---|---|---|
| Maple Leaf Cement Factory Limited | MLCF | 20.00% |
| D.G. Khan Cement Company Limited | DGKC | 20.00% |
| Sui Southern Gas Company Limited | SSGC | 13.75% |
| Sui Northern Gas Pipelines Limited | SNGP | 12.88% |
| Ghandhara Automobiles Limited | GAL | 8.00% |
| Thatta Cement Company Limited | THCCL | 6.54% |
| PIA Holding Company Limited | PIAHCLA | 5.81% |
| Pakistan Stock Exchange Limited | PSX | 4.53% |
| Interloop Limited | ILP | 4.45% |
| The Organic Meat Company Limited | TOMCL | 4.05% |
The allocation reflects each company’s relative momentum score under the index’s methodology.
JS Momentum Factor Index Tracks High-Momentum Stocks
The JS Momentum Factor Index is designed to track listed companies that demonstrate strong price momentum based on predefined screening criteria and index rules.
Momentum-based indices are widely used by investors, fund managers, and market participants to identify stocks that have consistently outperformed over a specified period.
Through periodic reviews and rebalancing, the index seeks to remain aligned with prevailing market trends by including companies with improving momentum while removing those whose performance has weakened.
Periodic Reviews Strengthen Index Representation
The Pakistan Stock Exchange conducts regular reviews of its benchmark indices to ensure they accurately reflect changing market conditions and maintain transparency in index construction.
The latest reconstitution of the JS Momentum Factor Index reinforces the exchange’s commitment to providing reliable benchmark indices that assist investors and asset managers in evaluating investment opportunities across Pakistan’s equity market.
With the revised composition now in effect, the JSMFI will continue to serve as an important benchmark for tracking momentum-driven stocks listed on the Pakistan Stock Exchange.