Weekly Update - July 13, 2026: This page tracks short-term price momentum across the KMI30 universe - the 30 largest Shariah-compliant stocks on the Pakistan Stock Exchange (PSX). Updated every Monday. If you own MIIETF or MZNPETF, these are the exact stocks driving your ETF's returns.
The KMI30 (Karachi Meezan Index 30) tracks the 30 largest and most liquid Shariah-compliant equities on the Pakistan Stock Exchange. Every stock that passes Shariah screening - no conventional banking, no excessive leverage, no prohibited business lines - and clears the liquidity threshold is eligible for inclusion.
This is the universe that MIIETF (all 30 stocks) and MZNPETF (top 12 stocks) are built from. Understanding which names are moving - and why - gives ETF investors critical context for interpreting their fund's weekly performance.
This Week's KMI30 Momentum Leaders (Week of July 7-13, 2026)
ETF weights are sourced from fund manager creation basket reports and sorted by MIIETF portfolio weight. The 1W Chg and 4W Chg columns are updated each Monday with PSX closing prices - once populated, the table re-sorts by 4-week return to show true momentum leaders.
| Rank | Symbol | Company | Sector | 1W Chg | 4W Chg | MIIETF Wt | MZNPETF Wt |
|---|---|---|---|---|---|---|---|
| 1 | FFC | Fauji Fertilizer Company | Fertilizer | - | - | 15.15% | 14.79% |
| 2 | ENGROH | Engro Holdings | Conglomerate | - | - | 8.72% | 13.20% |
| 3 | MEBL | Meezan Bank | Islamic Banking | - | - | 7.85% | 12.18% |
| 4 | HUBC | Hub Power Company | Power Generation | - | - | 7.32% | 10.81% |
| 5 | LUCK | Lucky Cement | Cement | - | - | 7.14% | 9.97% |
| 6 | OGDC | Oil & Gas Dev. Company | O&G Exploration | - | - | 6.85% | 9.73% |
| 7 | MARI | Mari Energies | O&G Exploration | - | - | 5.97% | 7.22% |
| 8 | PPL | Pakistan Petroleum | O&G Exploration | - | - | 5.55% | 7.15% |
| 9 | SYS | Systems Limited | Technology | - | - | 4.04% | - |
| 10 | EFERT | Engro Fertilizers | Fertilizer | - | - | 3.92% | - |
ETF weights sourced from fund manager creation basket reports (Mahaana Wealth / Al Meezan) as of 2026-07-16. Price change columns (1W Chg, 4W Chg) updated each Monday from PSX closing prices. Ranking currently by MIIETF weight - will shift to 4W return once price data is populated.
NOTE For ETF investors: The 4-week momentum of your top 5 MIIETF or MZNPETF holdings explains approximately 60-65% of your ETF's recent return. If FFC, ENGROH, and OGDC are all falling, your Shariah ETF will fall - regardless of which one you hold.
The Full KMI30 Shariah-Compliant Universe
All 30 stocks currently in the Mahaana Islamic Index (MII30), which MIIETF tracks. MZNPETF tracks a 12-stock subset of this universe (the MZNPI).
| # | Symbol | Company | Sector | In MIIETF | In MZNPETF |
|---|---|---|---|---|---|
| 1 | FFC | Fauji Fertilizer Company | Fertilizer | Yes (15.15%) | Yes (14.79%) |
| 2 | ENGROH | Engro Holdings Limited | Conglomerate | Yes (8.72%) | Yes (13.20%) |
| 3 | MEBL | Meezan Bank Limited | Islamic Banking | Yes (7.85%) | Yes (12.18%) |
| 4 | HUBC | Hub Power Company | Power | Yes (7.32%) | Yes (10.81%) |
| 5 | LUCK | Lucky Cement | Cement | Yes (7.14%) | Yes (9.97%) |
| 6 | OGDC | Oil & Gas Dev. Company | O&G Exploration | Yes (6.85%) | Yes (9.73%) |
| 7 | MARI | Mari Energies | O&G Exploration | Yes (5.97%) | Yes (7.22%) |
| 8 | PPL | Pakistan Petroleum | O&G Exploration | Yes (5.55%) | Yes (7.15%) |
| 9 | SYS | Systems Limited | Technology | Yes (4.04%) | No |
| 10 | EFERT | Engro Fertilizers | Fertilizer | Yes (3.92%) | No |
| 11 | SRVI | Service Industries | Industrial | Yes (2.50%) | No |
| 12 | PSO | Pakistan State Oil | Oil Marketing | Yes (2.49%) | Yes (3.97%) |
| 13 | DGKC | D.G. Khan Cement | Cement | Yes (1.84%) | Yes (3.90%) |
| 14 | MTL | Millat Tractors | Auto | Yes (1.75%) | No |
| 15 | FATIMA | Fatima Fertilizer | Fertilizer | Yes (1.72%) | No |
| 16 | MLCF | Maple Leaf Cement | Cement | Yes (1.65%) | Yes (4.03%) |
| 17 | FCCL | Fauji Cement Company | Cement | Yes (1.60%) | No |
| 18 | ATRL | Attock Refinery | Refinery | Yes (1.60%) | Yes (3.05%) |
| 19 | CHCC | Cherat Cement | Cement | Yes (1.54%) | No |
| 20 | FABL | Faysal Bank | Islamic Banking | Yes (1.49%) | No |
| 21 | SAZEW | Sazgar Engineering Works | Auto/Industrial | Yes (1.18%) | No |
| 22 | SNGP | Sui Northern Gas | Gas Utility | Yes (1.12%) | No |
| 23 | GLAXO | GlaxoSmithKline Pakistan | Pharma | Yes (1.09%) | No |
| 24 | JVDC | Jubilee Life Insurance | Insurance | Yes (1.09%) | No |
| 25 | PAEL | Pak Elektron | Electronics | Yes (1.00%) | No |
| 26 | ILP | Ihtisham & Co. | Industrial | Yes (0.91%) | No |
| 27 | NML | Nishat Mills | Textile | Yes (0.82%) | No |
| 28 | KEL | K-Electric | Power/Utility | Yes (0.74%) | No |
| 29 | COLG | Colgate-Palmolive Pakistan | Consumer | Yes (0.74%) | No |
| 30 | SEARL | The Searle Company | Pharma | Yes (0.62%) | No |
Source: Fund manager creation basket reports - Mahaana Wealth Limited (MIIETF) and Al Meezan Investments (MZNPETF) as of 2026-07-16. Weights calculated as (shares x closing price) / total basket value.
KMI30 Sector Breakdown
Understanding sector weights helps you understand what drives KMI30 momentum in any given week.
| Sector | MIIETF Weight | Key Drivers |
|---|---|---|
| Fertilizer | 20.79% | FFC, EFERT, FATIMA - move with gas prices and crop cycles |
| O&G Exploration | 18.37% | OGDC, PPL, MARI - move with crude oil prices |
| Cement | 13.77% | LUCK, MLCF, DGKC, FCCL, CHCC - move with construction activity |
| Islamic Banking | 9.34% | MEBL, FABL - move with SBP rate decisions |
| Conglomerates | 8.72% | ENGROH - moves with fertilizer and energy subsidiaries |
| Power Generation | 7.32% | HUBC - moves with fuel costs and capacity payments |
| Technology | 4.04% | SYS - moves with IT exports and USD/PKR rate |
| Oil Marketing | 2.49% | PSO - moves with oil margins and circular debt |
| Others | 15.16% | Refinery, Auto, Gas Utility, Pharma, Insurance, Electronics, Textile, Consumer |
Sector weights computed from MIIETF creation basket as of 2026-07-16. MZNPETF sector weights differ as it holds only 12 stocks.
ETF Implications: What Momentum Means for Your Shariah ETF
If Fertilizers & O&G Are Leading
Both MIIETF and MZNPETF outperform the KMI30 average when FFC, ENGROH, OGDC, and PPL are the momentum leaders. MZNPETF is more sensitive (higher concentration) - expect it to move ±2-3% more than MIIETF during fertilizer/oil rallies.
If Cement Is Leading
Both ETFs benefit, but MIIETF more evenly because it holds 5 cement names (LUCK, MLCF, DGKC, FCCL, CHCC) vs MZNPETF's 3 (LUCK, MLCF, DGKC).
If Islamic Banking Is Leading
Both ETFs hold MEBL (Meezan Bank) - but MZNPETF's exposure is actually higher: MEBL is 12.18% of MZNPETF vs 7.85% of MIIETF, making MZNPETF the stronger beneficiary of a Meezan Bank rally. MIIETF additionally holds FABL (Faysal Bank at 1.49%), which MZNPETF does not - a secondary benefit MZNPETF misses.
If Technology (SYS) Is Leading
MIIETF benefits (SYS at 4.04%). MZNPETF does not hold SYS - so a technology-driven rally specifically advantages MIIETF.
The Dedicated Momentum ETF: JSMFETF
If pure momentum investing interests you - not just within the Shariah universe but across the entire PSX - the JS Momentum Factor ETF (JSMFETF) is Pakistan's only dedicated momentum vehicle.
JSMFETF rebalances every month, systematically selecting the 10 PSX stocks with the strongest 30/60/90-day price momentum - Shariah or conventional. It captures what this page tracks manually, applied automatically across the entire PSX universe.
| KMI30 Momentum (This Page) | JSMFETF (Automated) | |
|---|---|---|
| Universe | KMI30 only (Shariah) | All PSX stocks |
| Rebalancing | Manual reference / ETF quarterly | Monthly, rules-based |
| Shariah | Yes | No |
| Best for | MIIETF / MZNPETF context | Conventional momentum investors |
How to Use This Page
- MIIETF / MZNPETF holders - understand why your ETF moved this week and which holdings drove it
- Active PSX investors - identify which Shariah-compliant names have near-term momentum before adding individual stock positions
- KMI30 researchers - track the composition and sector shifts of Pakistan's premier Shariah index over time
Related Pages
This article is for educational and informational purposes only. It does not constitute investment advice. Always conduct your own due diligence and consult a qualified financial advisor before making any investment decisions. All data sourced from PSX, MUFAP, and fund factsheets. Past performance is not indicative of future results.
Dr. Faisal Shahzad
Chief Investment Strategist
Dr. Faisal Shahzad holds an MBA from Innsbruck, Austria, and has spent over a decade navigating complex financial markets. He specializes in Exchange Traded Funds (ETFs) and brings extensive, practical knowledge of both international markets and the Pakistan Stock Exchange (PSX).
Expertise: 15+ Years of experience in ETFs, both internationally and on the PSX.