PSX’s two KMI indices answer different questions. KMI All Share covers every listed company that meets the index’s Shariah-screening requirements; KMI-30 selects 30 of those companies based on liquidity. Neither index says that a company is financially strong, that its shares are attractively priced, or that its status will never change. The result depends on a defined methodology, the information available for a review, and the review’s effective date.
What each index represents
PSX describes KMI-30 as tracking the 30 most liquid Shariah-compliant companies listed on the exchange. It weights constituents by float-adjusted market capitalisation and caps an individual constituent at 12%. The cap limits one name’s index weight; it does not make the index equally weighted.
KMI All Share is the wider universe: it includes all listed companies that qualify under the applicable Shariah screening. It is not a list of the 30 largest or most liquid companies. So a company may qualify for All Share without making KMI-30, while KMI-30 membership requires both compliance status and selection for that narrower index.
| Question | KMI All Share | KMI-30 |
|---|---|---|
| What it covers | All listed companies meeting the screening criteria | 30 most liquid compliant companies |
| Main distinction | Breadth of the screened universe | Liquidity-based selection from that universe |
| Weighting detail confirmed by PSX | Check the current index methodology | Float-adjusted market cap; 12% single-name cap |
| What membership does not tell you | Business quality or whether a share is fairly priced | Business quality or whether a share is fairly priced |
Screening is a dated methodology, not a permanent label
The index’s Shariah status is determined through screening criteria and a Shariah-adviser process, not by the KMI-30 liquidity ranking. PSX’s May 2026 recomposition notice says that the KMI-30 review used Shariah status provided by its partner Shariah Advisor and was approved by the Index Committee. It applied the methodology to accounts as of 31 December 2025; the resulting recomposition took effect on 25 May 2026. The PSX notice identifies the source and date basis for that particular review.
There are also approved changes whose implementation is still ahead. On 26 February 2026, PSX announced that the interest-bearing-debt-to-total-assets threshold would move from 37% to 33%, and introduced a star-rating mechanism and a five-working-day objection window for KMI All Share. The notice schedules these three changes for the November 2026 recomposition, using June 2026 accounts. As of 29 September 2026, they are approved but have not yet been applied through that recomposition. PSX’s notice PSX/N-244 separately provides that a newly listed IPO enters KMI All Share from its listing date once its Shariah status is approved; that provision took effect from the notice date.
The 33% threshold is only one part of the announced changes; it is not a complete account of every screening test. The Al Meezan Shariah methodology page still lists the older 37% debt threshold, so it does not establish the timing or implementation of PSX’s later change. For index membership, use the relevant PSX notice and current methodology rather than inferring status from a company name, an old brochure, or a past constituent list. PSX’s KMI brochure is background methodology; its 37% threshold should not be presented as the rule scheduled for the November 2026 review.
Selection, weighting and review are separate steps
Think of the process as two filters followed by an index calculation. First, the Shariah screening defines which companies may enter the eligible universe. Then KMI-30 selects 30 based on liquidity. Finally, its float-adjusted market-cap weighting sets each selected constituent’s share of the index, subject to the 12% cap. Passing one step does not guarantee a place in the next: being compliant does not itself secure KMI-30 membership, and having a large market value does not replace the screening requirement.
Review dates matter too. The May 2026 notice is evidence of one completed KMI-30 recomposition and the dated inputs it used; the November notice describes later changes and their planned implementation. Membership should therefore be read with its effective date. The KMI indices are not timeless certificates for a company, and a constituent list from one review should not be treated as a guarantee of later status.
What an index cannot tell you
KMI-30 inclusion tells you that a company met the applicable screening requirements and was selected for that review’s liquid 30, under the index rules. It does not certify that the business is profitable, well-managed, fairly valued, low-risk, or suitable for a particular person. KMI All Share membership likewise does not rank a company’s quality. For a broader market-capitalisation benchmark with a different construction, see how PSX builds the KSE-100; the two indices are built to represent different universes.
For company-level research, the PSX screener and strategies overview describes the desk’s research tools, and the PSX hub links to company information. The position-size calculator performs sizing arithmetic only: it does not screen for Shariah status or decide whether a security belongs in an index.
Check the dated source, not just the ticker
- PSX Indices — PSX’s descriptions of KMI-30 and KMI All Share, including the KMI-30 liquidity, weighting and cap summary.
- PSX notice PSX/N-610, 15 May 2026 — the May KMI-30 recomposition’s adviser status, committee approval, account date and effective date.
- PSX notice PSX/N-244, 26 February 2026 — announced screening and index changes, including the future November 2026 implementation.
- PSX KMI Index brochure — background methodology; do not use its older 37% debt threshold as the rule already in force after the later notice.
- Al Meezan Shariah methodology — Al Meezan’s published screening methodology; its page still displays the older 37% debt threshold.
Research, not advice. Index inclusion is tied to a dated methodology and review; it is not a timeless certification, an investment recommendation, or a measure of financial quality. Check the latest PSX methodology and notices for current membership and rules.