Karachi: The Pakistan Stock Exchange (PSX) has announced the re-composition of the JS Momentum Factor Index (JSMFI), effective from December 6, 2024. The restructuring, conducted according to the index rules available on the PSX website, sees six companies being added and six others being replaced, reflecting ongoing market dynamics.
The incoming companies into the JSMFI include The Searle Company Limited, Habib Bank Limited, Sui Southern Gas Company Limited, Fauji Foods Limited, GlaxoSmithKline Pakistan Limited, and The Bank of Punjab. These companies take the place of the outgoing firms: Fauji Cement Company Limited, Frieslandcampina Engro Pakistan Limited, Fauji Fertilizer Bin Qasim Limited, Fauji Fertilizer Company Limited, Hum Network Limited, and Oil & Gas Development Company Limited.
According to information available from the Pakistan Stock Exchange (PSX), the new composition of the JSMFI will impact the index weights as of November 29, 2024. The Pakistan State Oil Company Limited, Attock Refinery Limited, and Pakistan Petroleum Limited each hold a weight of 20.00%. The Searle Company Limited is weighted at 11.19%, while Habib Bank Limited holds 8.91%. Sui Southern Gas Company Limited has a weight of 5.87%, Pakistan Telecommunication Company Ltd at 4.03%, Fauji Foods Limited at 3.87%, GlaxoSmithKline Pakistan Limited at 3.28%, and The Bank of Punjab at 2.86%.
These changes will be officially implemented on December 6, 2024, marking a significant update to the index's composition.