As the final trading session of 2023 approaches, data from the Pakistan Stock Exchange reveals a 54% increase in the benchmark of major shares in rupee terms. The total value of all shares has surged by 39%, reaching Rs9 trillion.
According to an analysis by Topline Securities Ltd on Thursday, the best-performing sectors throughout the year include refinery, chemical, and power generation, with respective increases in their market capitalization of 88%, 73%, and 65%.
In contrast, property, modarabas, and textile spinning emerged as the worst-performing sectors, experiencing declines of 24%, 11%, and 7%, respectively.
The refinery sector’s robust performance is attributed to positive expectations regarding the refinery policy. The chemical sector saw significant growth, led by Colgate-Palmolive Pakistan Ltd, which announced bonus shares, resulting in a 147% increase in the firm’s market capitalization in 2023.
The power generation sector’s performance was driven by a rally in Hub Power Company Ltd, witnessing an 88% increase in its market capitalization, while K-Electric Ltd also recorded a 76% increase in its market price.
The top-performing stock within the KSE-100 index for 2023 was Pak-Gulf Leasing Company, gaining 175%. This less-traded firm’s success is attributed to a dividend of Rs3.50 per share and an 85% bonus in 2023.
Attock Refinery Ltd followed closely, rising by 139% due to low valuation, positive expectations about the refinery policy, and a 49% year-on-year profitability growth in the first nine months of 2023.
Pakgen Power Ltd recorded a 123% gain in 2023, primarily due to a one-time bumper dividend of Rs15 per share in June. Standard Chartered Bank Pakistan Ltd and Pioneer Cement also experienced increases, with significant profitability growth of 121% and 262%, respectively, in the first three quarters of 2023. Hub Power Company Ltd gained 119%, partly attributed to a pay-out of Rs19.50 per share and the expected resolution of the circular debt.
