PSX-KMI All Share Index: What It Measures and How It Is Built

Direct Answer

The PSX-KMI All Share Index is a rule-based measurement of broad Pakistani Shariah-compliant equity benchmark, maintained by Pakistan Stock Exchange. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets.

What this index covers

The PSX-KMI All Share Index covers broad Pakistani Shariah-compliant equity benchmark, within the Pakistan market. Pakistan Stock Exchange defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number.

The index name does not state a fixed company count, so the number of constituents follows the eligibility rules rather than a target.

How constituents are weighted

The index value is the full market capitalisation (total shares times market price) of all eligible Islamic securities divided by a divisor, so it is not float adjusted.

The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little.

What qualifies for inclusion

A stock must pass six Shariah screens: permissible core business; interest bearing debt under 37% of assets; non compliant investments under 33% of assets; non compliant income under 5% of revenue; illiquid assets at least 25% of assets; and market price not below net liquid assets per share. Mutual funds are excluded.

Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does.

How long a listing must exist first

A company needs at least one financial year of operating record and securities in the central depository.

A seasoning rule is why a large new listing does not appear in an index the week it starts trading. It is a deliberate lag, and it means an index can under-represent a fast-growing part of the market for months at a time.

When the membership is revised

Recomposed semi-annually on December 31 and June 30 data, with revisions on May 15 and November 15 using March 31 and September 30 prices.

Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider.

The rule that surprises people

Companies with under 5% free float or traded on fewer than 75% of days stay in the index but are disclosed separately as a distinct category of illiquid shares.

References

• Pakistan Stock Exchange: Pakistan Stock Exchange, All Shares Islamic Index of Pakistan methodology brochure, as published 2026. Every rule described on this page is taken from this document.

Current PSX-KMI All Share Index constituents

Pakistan Stock Exchange publishes and licenses the PSX-KMI All Share Index constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.

Pakistan Stock Exchange: official PSX-KMI All Share Index page

Related reading

• All stock market indexes: how indexes are built, weighted and revised.
• Emerging Markets indexes: others covering the same region.
• Index concentration: measuring how much of an index sits in its largest holdings.
• Index rebalancing and inclusion effects: what happens to a stock when index membership changes.

Frequently Asked Questions