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Business Recorder
07-08-2025
- Business
- Business Recorder
Top 10 cement companies at Pakistan Stock Exchange as of August 2025
The cement sector plays an important role in Pakistan's economic development, serving as a backbone for infrastructure, housing, and industrial projects across the country. As one of the most vital sectors within the manufacturing landscape, it has not only contributed significantly to gross domestic product (GDP) but also supported thousands of jobs. With a strong presence at the Pakistan Stock Exchange (PSX), cement companies have long been considered a key segment for investors. This story takes a closer look at the top 10 cement companies listed at the PSX, ranked based on market capitalisation as of August 4, 2025. Lucky Cement Limited (LUCK) ($1,900 million) Lucky Cement Limited [PSX: LUCK] is the flagship company of Yunus Brothers Group. Incorporated in 1993, Lucky cement is one of the biggest producers and chief exporters of cement in Pakistan. In May 2025, the company announced that it had successfully fired the kiln for its new clinker production line at Najmat Al-Samawah (NAS), a joint venture company located in Samawah, Iraq. The milestone was seen a major step forward in the company's expansion plans. In February, Lucky Cement informed the exchange that its Board of Directors (BoD) had proposed the sub-division of equity shares subject to shareholder approval. Last year, the company completed and commissioned the 28.8 megawatts (MW) captive wind power project at its Karachi plant. The market capitalisation of Lucky Cement at the PSX stands at $1,900 million. Bestway Cement Limited (BWCL) ($1,100 million) Bestway Cement Limited (PSX: BWCL) is a public limited company incorporated in Pakistan in 1993. The company is principally engaged in production and sale of cement. Bestway Cement is a subsidiary of Bestway International Holdings Limited (BIHL), which holds 56.43% shares in the company. Bestway International Holdings Limited is a wholly owned subsidiary of Bestway Group Limited (BGL), the ultimate parent company. Both BIHL and BGL have been incorporated in Guernsey. In 2023, BWCL announced completion of the construction and installation of a brownfield line at its Hattar Plant. The market capitalisation of Bestway Cement at the PSX stands at $1,100 million. Fauji Cement Company Limited (FCCL) ($400 million) Fauji Cement Company Limited (PSX: FCCL) was incorporated in Pakistan as a public company in 1992 and commenced its operations in 1993. The company is engaged in the manufacturing and sale of different kinds of cement. Earlier this year, Morgan Stanley Capital International (MSCI) added seven Pakistani companies, including Fauji Cement Company, to its Frontier Market (FM) and Small Cap Indexes in its latest semi-annual index review, boosting the country's global equity market visibility. The market capitalisation of Fauji Cement at the PSX stands at $400 million. Maple Leaf Cement Company (MLCF) ($314 million) Maple Leaf Cement Company (PSX: MLCF) was incorporated in Pakistan as a public limited company in 1960. The company is engaged in the manufacturing and sale of cement. Besides catering to local market, the company also exports cement to Afghanistan, Middle East and other African countries. Kohinoor Textile Mills Limited is the holding company of MLCF. As of June 30, 2024, MLCF has a total of 1047.563 million shares outstanding which are held by 13,778 shareholders. Kohinoor Textile has the major stake of 57.90% in the company followed by local general public holding 19.32% shares of MLCF. In March 2024, Maple Leaf acquired 6 million voting shares of Agritech Limited (AGL). As per JS Global, a brokerage house, the total investment of 44.7 million shares held by both MLCF and MLCL at the current AGL price equalised to Rs1.15 billion ($4.1 million). The market capitalisation of Maple Leaf Cement Company at the PSX stands at $314 million. Kohat Cement Company Limited (KOHC) ($292 million) Kohat Cement Company Limited (PSX: KOHC) was established by the State Cement Corporation of Pakistan in 1984. In 1992, the government privatised the company. The company was listed on the stock exchanges of Pakistan in 1984. The principal activity of Kohat Cement is the manufacturing and sale of cement [grey and white clinker]. ANS Capital [Private] Limited is the holding company of KOHC. Last month, Kohat Cement announced the formation of a wholly-owned subsidiary, Ultra Properties (Private) Limited, marking its entry into the real estate sector. The new entity will be tasked with 'carrying out the real estate business, including marketing and development of all types of immovable properties for sale or rental purposes'. The formation is subject to requisite regulatory approvals and compliance with applicable laws and regulations. In November 2024, Kohat Cement installed and commissioned a 5.34 MW on-grid solar power plant. The market capitalisation of Kohat Cement at the PSX stands at $292 million. D.G. Khan Cement Company Limited (DGKC) ($279 million) Established in 1978, D.G. Khan Cement Company Limited (PSX: DGKC) is a publicly listed company in Pakistan. The company is involved in the production and sales of clinker, ordinary Portland cement and sulfate-resistant cement. It supplies to markets across the country through a dealership network of over 2200 dealers. DGKC also exports to neighboring markets such as Bangladesh, Afghanistan and overseas to Central Africa. In July 2024, DG Khan Cement announced to establish a wholly-owned subsidiary in the United States. In January 2023, it was announced that DG Khan Cement would export 600,000 tons of low-alkali cement to the US per year. The market capitalisation of DGKC at the PSX stands at $279 million. Cherat Cement Company Limited (CHCC) ($207 million) Cherat Cement Company Limited (PSX: CHCC) was incorporated in Pakistan as a public limited company in 1981. The company is engaged in the manufacturing, marketing and sale of cement. In April 2025, the company announced an expansion in its renewable portfolio with the commissioning of a 6.065MW solar power plant at its facility in Khyber Pakhtunkhwa. Later in June, Cherat Cement along Shirazi Investments announced their intention to jointly acquire a majority stake of 84.06% in Attock Cement Pakistan Limited. The market capitalisation of Cherat Cement at the PSX stands at $207 million. Pioneer Cement Limited (PIOC) ($180 million) Pioneer Cement Limited (PSX: PIOC) was set up as a public limited company in 1986. With its plants located in Punjab, the company has three production lines where it manufactures and sells cement. It began its production operation with a capacity of 2000 tons per day. The company also made investments in a 12MW Waste Heat Recovery Power Plant and 24MW Coal Power Plant. The market capitalisation of Pioneer Cement at the PSX stands at $180 million. Attock Cement Pakistan Limited (ACPL) ($138 million) Attock Cement Pakistan Limited (PSX: ACPL) was incorporated in Pakistan as a public limited company in 1981. The company is engaged in the manufacturing and sale of cement. It is the subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon. In June this year, Cherat Cement along Shirazi Investments announced their intention to jointly acquire a majority stake of 84.06% in Attock Cement. The market capitalisation of Attock Cement at the PSX stands at $138 million. Flying Cement Company Limited (FLYING) ($120 million) Flying Cement Company Limited (PSX: FLYNG) was incorporated in Pakistan as a public limited company in 1992. The company is engaged in the manufacturing, marketing, and sale of cement. The market capitalisation of Flying Cement at the PSX stands at $120 million. Market capitalisation for each company was calculated on Monday, August 4, 2025. For the purpose of this calculation, the exchange rate was used at Rs283 to 1 US dollar. The above article was contributed by Rehan Ayub, News Editor at Business Recorder (Digital), with assistance from Hussain Afzal (Graphics) and Junaid Sanawar (Data).
Business Recorder
15-05-2025
- Business
- Business Recorder
7 Pakistani cos added to MSCI FM & SC Indexes
KARACHI: Morgan Stanley Capital International (MSCI) has added seven Pakistani companies to its Frontier Market (FM) and Small Cap Indexes in its latest semi-annual index review, boosting the country's global equity market visibility. Morgan Stanley Capital International (MSCI) is a global research, data, and technology company that provides indices, research, and other services to investors worldwide. As per details cited by Topline Research, the minimum threshold for free float and total market capitalization for selection in the Frontier Market Index was set at $78 million and $155 million, respectively. Three Pakistani companies — Fauji Cement Company, DG Khan Cement Company, and Maple Leaf Cement — have been added to the MSCI Frontier Markets Index, effective from May 30, 2025. This brings the total number of Pakistani companies in the index to 26. Pakistan's weight in the MSCI Frontier Market Index is estimated to be around 6-6.5%, with the addition of the three cement companies expected to attract inflows of $5-8 million, assuming $2-3 billion in funds tracking the index globally. In the Small Cap Index, four Pakistani stocks have been added: Archroma Pakistan, At-Tahur Limited, Engro Polymer & Chemicals, and Pakistan Reinsurance. DG Khan Cement has been moved to the main FM Index, while AGP Pharma and Agritech Limited have been deleted. Topline Research noted that Interloop, Searle Limited, and Abbott Laboratories have been retained in the index despite not meeting the $78 million free float threshold, thanks to the buffer rule. This rule allows for flexibility in index inclusion. The firm drew parallels with a similar past instance where TRG was retained despite not meeting the threshold, only to be removed in a subsequent review. The index review holds particular significance for Pakistan as it continues to rebuild investor confidence following its 2021 downgrade from Emerging Market to Frontier Market status. The inclusion is anticipated to attract moderate passive fund inflows and enhance the visibility of Pakistani equities among global frontier market investors. Copyright Business Recorder, 2025
Express Tribune
14-05-2025
- Business
- Express Tribune
Three cement firms join MSCI frontier index
Listen to article Morgan Stanley Capital International (MSCI) has included three Pakistani companies in its Frontier Market (FM) Index and four more in its FM Small Cap Index as part of the May 2025 index review. MSCI, a prominent global provider of investment decision support tools, announced the results of its May 2025 semi-annual index review, bringing major changes for Pakistan's listed companies in both the MSCI Frontier Markets Standard and Small Cap indices. The changes, effective after the close of trading on May 30, 2025, highlight increased representation of Pakistan in the global investment landscape, particularly in the cement sector. According to Arif Habib Limited (AHL), Pakistan's weight in the MSCI FM Index is now estimated at around 6.1%, reflecting growing investor interest and improving market performance. As per the review, three cement companies - Fauji Cement, Maple Leaf Cement and DG Khan Cement - have been added to the MSCI FM Standard Pakistan Index. With no deletions reported, the total number of Pakistani constituents in the standard index now rises to 26. This includes major blue-chip names such as UBL, Lucky Cement, OGDC, Engro, MCB Bank, HBL, FFC and now the three cement firms. Topline Securities, in its research note, estimated that the combined weight of the three added stocks was 26 basis points (bps) in the FM index. Given that global funds tracking the MSCI's Frontier Index amount to around $2-3 billion, Pakistan could attract an estimated $5-8 million in passive inflows through these additions alone. Interestingly, DG Khan Cement's promotion comes at the cost of its removal from the MSCI Small Cap Index, highlighting its upgraded market status. Meanwhile, the small-cap index saw the addition of four companies – Archroma Pakistan, At-Tahur Limited, Engro Polymer & Chemicals and Pakistan Reinsurance Company. On the flip side, AGP Limited and Agritech Limited have been deleted from the MSCI Small Cap Index. The MSCI Small Cap Index now contains 410 constituents globally, with 67 stocks from Pakistan, making up roughly 16% of the total index and holding a 10.7% weight. Topline noted that companies like Interloop, Searle and Abbott Laboratories were retained in the index despite not meeting the minimum free-float threshold ($78 million in the latest review), citing the MSCI's buffer rule as the likely reason. This rule allows companies slightly below the threshold to remain in the index to minimise excessive churn. The inclusion criteria for this review were stricter compared to the previous one in February 2025, with the minimum free-float market cap raised to $78 million from $72 million, and the total market cap requirement up to $155 million from $145 million. Maaz Azam, Head of Research at Optimus Capital, told The Express Tribune that while the latest MSCI index review brings positive news, the true success for Pakistan will lie in re-entering the emerging markets (EM) category. The MSCI index changes are widely watched by institutional investors and passive fund managers around the world. The increase in Pakistan's representation may not only lead to short-term capital inflows but also signal growing confidence in the country's economic and market fundamentals.
Business Recorder
14-05-2025
- Business
- Business Recorder
MSCI adds 3 Pakistani cos to Frontier Market Index, 4 to FM Small Cap Index
Morgan Stanley Capital International (MSCI) Inc., a leading provider of critical decision support tools and services, announced the addition of three Pakistani companies as constituents on its Frontier Market (FM) and four companies in its FM Small Cap Index as part of its May 2025 index review. Meanwhile, three Pakistani companies have been removed from its FM Small Cap Index. In the MSCI Frontier Markets Indexes, three Pakistani companies have been added, stated MSCI in the note. These companies include Fauji Cement Co, DG Khan Cement Co and Maple Leaf Cement. These changes are to take effect from the close of May 30, 2025. 'This takes the total number of constituents in the MSCI Frontier Index to 26 from 23 earlier,' said Topline Securities in its note on the review. 'We estimate Pakistan's weight in the MSCI Frontier Market Index is close to 6-6.5%,' it added. MSCI adds 8 Pakistani companies to Small Cap, removes TRG Pakistan from Frontier Markets Indexes Topline said that the addition of three cement companies constitutes a weight of 26 basis points (bps). 'Assuming $2-3 billion funds tracking frontier market index globally, the inflows in these companies are estimated around $5-8 million,' it said. The brokerage house noted that the minimum threshold of free float and total market cap for the selection of frontier market stocks was $78 million and $155 million, respectively. Topline also highlighted that Interloop, Searle Limited and Abbott Laboratories are retained in the index despite not meeting the free float threshold of $78 million based on the buffer rule. Meanwhile, four Pakistani securities were added to MSCI Frontier Markets Small Cap Indexes, including Archroma Pakistan, At-Tahur, Engro Polymer & Chemicals and Pakistan Reinsurance. While one stock is moved to the main index, i.e. DG Khan Cement Co, and two are deleted, namely AGP Pharma and Agritech Limited. In September 2021, Pakistan was downgraded from its status as an emerging market, a little over four years after it was reclassified from the Frontier Markets (FM) Index by MSCI.
Express Tribune
16-02-2025
- Business
- Express Tribune
PSX recovers with gains of 1,762 points
Listen to article KARACHI: Pakistan's stock market closed on a positive note in the outgoing week, where the KSE-100 index gained 1,762 points, or 1.6%, compared to the previous week and settled at 112,085. Investor sentiment improved as Pakistan successfully met three out of the five key fiscal conditions set by the International Monetary Fund (IMF) for the first review of its $7 billion programme, according to media reports. Additionally, the MSCI announced changes to its global indices, with Pakistan's weight in the Frontier Market (FM) Standard Index being estimated at around 5.89%. Economic indicators reflected mixed trends. Auto sales surged 65% month-on-month (MoM) to 17,010 units while remittances for January reached $3 billion, marking a 25% year-on-year (YoY) increase. However, the State Bank of Pakistan's (SBP) foreign exchange reserves dropped $252 million to $11.2 billion. In the fixed-income market, the government raised Rs454 billion in a Pakistan Investment Bond (PIB) auction, exceeding its Rs350 billion target, while cut-off yields dipped one to 25 basis points across various tenors. On the diplomatic front, the Turkish president visited Pakistan, reaffirming bilateral ties and envisioning a $5 billion trade target. Meanwhile, an IMF delegation arrived to conduct a Governance and Corruption Diagnostic Assessment and met the auditor general and the Federal Board of Revenue (FBR) to discuss audit transparency and tax digitalisation. Foreign investors remained net sellers as they offloaded $5.7 million worth of shares, primarily in cement and banking sectors. Trading activity picked up, with average volumes rising 21% week-on-week (WoW) to 525 million shares and average traded value increasing 28.5% to $97.6 million. Among other key developments, Barkat Frisian IPO was set to raise Rs1.23 billion and banks' investment in government securities reached Rs26 trillion. On a day-on-day basis, the PSX on Monday made a notable recovery in an earnings season rally as investors closely monitored progress on key IMF targets such as the primary budget surplus and provincial net revenue collection. The KSE-100 index settled at 111,378, up 1,055 points. On the second trading day, the bourse again closed bullish, where investors took encouragement from robust economic data, including a 25% YoY surge in remittances that reached $3 billion in January 2025. The index, after touching intra-day high of 1,855 points, settled at 113,010, an increase of 1,632 points. On Wednesday, the PSX experienced a volatile session, with the benchmark KSE-100 index showing a see-saw pattern throughout the day. Concerns about foreign debt repayments, the upcoming EU review of Pakistan's GSP+ status and rising political noise created a perfect storm, all contributing to a negative close. The index recorded a slight decline of 85 points. On the second last day, a range-bound session marked trading at the stock market as investor sentiment remained mixed in the corporate earnings season. Though the KSE-100 kicked off proceedings on a positive note, it posted a loss of 361 points to 112,564.08. On Friday, the index posted a decline of 478.78 points and settled at 112,085.30 – its third consecutive session in the red – as institutional profit-taking in blue-chip stocks and global market jitters weighed on market sentiment. Arif Habib Limited (AHL) wrote in its report that the stock market started on a positive note as Pakistan successfully met three out of the five key fiscal conditions set by the IMF for the first review. Meanwhile, the MSCI announced changes to its global indices, with Pakistan's weight in the FM Standard Index expected to be around 5.89%. During the week, a PIB auction was held in which the SBP raised Rs454 billion and cut-off yields across various tenors declined one to 25 basis points. Pakistani rupee closed at Rs279.21 against the US dollar, appreciating Rs0.16, or 0.06% WoW, it said. Sector-wise, positive contribution came from cement (975 points), fertiliser (532 points), power generation and distribution (156 points), oil and gas marketing companies (145 points) and miscellaneous (106 points). Stock-wise, positive contributors were Lucky Cement (856 points), Fauji Fertiliser Company (381 points), Hubco (206 points), Mari Petroleum (167 points) and Engro Fertilisers (153 points), AHL added. JS Global Deputy Head of Research Muhammad Waqas Ghani wrote that the KSE-100 showed recovery this week and average volumes increased 21% WoW to 525 million shares. Remittances data for January 2025 showed strong inflows, totaling $3 billion. "This represents a remarkable 25% YoY growth," he said.
