Karachi: The Pakistan Stock Exchange Limited has officially announced the re-composition of the JS Momentum Factor Index (JSMFI) as of January 31, 2025. The changes, which aim to better reflect market dynamics and provide enhanced investment opportunities, will be implemented starting Monday, February 10, 2025.
The re-composition exercise brings several new entrants to the index, including Ghandhara Automobiles Limited, Citi Pharma Ltd., Fauji Fertilizer Company Limited, United Bank Limited, Engro Fertilizers Limited, The Searle Company Limited, Millat Tractors Limited, Lucky Cement Limited, Fauji Cement Company Limited, and Engro Holdings Limited. These companies replace outgoing constituents such as Air Link Communication Limited, Attock Refinery Limited, Cnergyico PK Limited, Ghandhara Industries Limited, Mari Energies Limited, Pak Elektron Limited, Pakistan Refinery Limited, Pakistan State Oil Company Limited, Sui Southern Gas Company Limited, and Treet Corporation Limited.
According to information available from the Pakistan Stock Exchange (PSX), the new composition of the JSMFI features Fauji Fertilizer Company Limited with the highest weightage of 20.00%, followed by Ghandhara Automobiles Limited at 18.70%, and The Searle Company Limited at 12.20%. Other notable constituents include Citi Pharma Ltd. with a weight of 11.68%, Fauji Cement Company Limited at 8.90%, and United Bank Limited at 8.70%.
The Engro group has two significant representations in the index: Engro Holdings Limited with a weight of 6.08% and Engro Fertilizers Limited at 5.19%. Lucky Cement Limited and Millat Tractors Limited round out the list with weights of 4.61% and 3.95%, respectively. The designated market category for these changes is the Pakistan Stock Exchange, highlighting the significance of these adjustments for investors and stakeholders.
The updated index aims to capture better the momentum and performance of its constituents, providing investors with a robust and dynamic investment tool in the Pakistani market.