Karachi: The Pakistan Stock Exchange Limited (PSX) unveiled the latest re-composition of the JS Momentum Factor Index (JSMFI), effective January 7, 2026, marking a strategic shift in the index's constituent landscape. This re-composition follows the standard index rules and reflects market dynamics as of December 31, 2025.
The re-composition exercise has introduced several changes in the index's lineup. Notably, the National Bank of Pakistan and The Bank of Punjab have been added to the index, while Attock Refinery Limited and Fauji Fertilizer Company Limited have been removed. Other new entrants include The Searle Company Limited, Nishat Mills Limited, Pakistan International Bulk Terminal, Nishat Power Limited, and Mughal Iron & Steel Industries Limited. Meanwhile, The Hub Power Company Limited, National Refinery Limited, PIA Holding Company Limited, Pioneer Cement Limited, and Sui Southern Gas Company Limited have exited the index.
According to information available from the Pakistan Stock Exchange (PSX), the current weights of the constituent companies within JSMFI have been adjusted to reflect these changes. Pakistan Petroleum Limited holds the highest weight at 20.00%, followed closely by the newly added National Bank of Pakistan with a weight of 17.01%. The Bank of Punjab follows with a weight of 13.96%, with Maple Leaf Cement Factory Limited and Pakistan Telecommunication Company Limited holding weights of 12.99% and 10.70%, respectively.
The restructured index also includes The Searle Company Limited, which carries a weight of 8.51%, and Nishat Mills Limited with a weight of 6.24%. Additionally, Pakistan International Bulk Terminal, Nishat Power Limited, and Mughal Iron & Steel Industries Limited hold weights of 4.86%, 3.11%, and 2.63%, respectively.
These adjustments to the JSMFI reflect the evolving market conditions and the PSX's aim to ensure the index remains a robust reflection of market momentum. The changes are set to take effect from January 7, 2026, offering a refreshed composition that aligns with current market trends.