The KSE-100 Index of the Pakistan Stock Exchange (PSX) recorded an impressive 85% rise in PKR (87% in USD terms) 2024, marking one of its best performances in recent years. The market capitalization of listed companies surged by 61%, reaching Rs14.6 trillion, according to a report by Topline Securities.
Pharmaceuticals, Jute, and Transport sectors emerged as the top performers, with their market caps increasing by 198%, 182%, and 130% respectively. In contrast, Chemicals, Modarabas, and Textile Weaving were the weakest sectors, posting declines of 54%, 33%, and 2%.
The pharmaceutical sector’s growth was fueled by stable raw material costs, a strong rupee, and deregulation of non-essential drugs. Haleon Pakistan saw its market capitalization soar by 409%, followed by GlaxoSmithKline Pakistan (385%) and Macter International (274%).
In the Jute sector, Suhail Jute Mills led with a 329% increase in market capitalization, while the Transport sector saw Cordoba Logistics & Ventures rise by 177% and Pakistan National Shipping Corporation gain 163%.
Top Performers in KSE-100
Sazgar Engineering Works led the KSE-100 with a 552% rise in share price, driven by a 220% YoY increase in 4-wheeler sales and a 96% YoY increase in 3-wheeler sales during the first 11 months of 2024.
GlaxoSmithKline followed with a 385% share price increase due to strong earnings from deregulated drug pricing, turning a Rs392 million loss in nine months of FY2023 into a Rs3.6 billion profit in 9M2024.
Air Link Communication gained 268%, supported by a 135% YoY revenue increase to Rs91.2 billion, and plans to launch locally assembled TVs and laptops. Fauji Fertilizer Company rose 246%, boosted by its merger with Fauji Fertilizer Bin Qasim and the acquisition of Agritech Limited.
Mari Petroleum gained 220%, propelled by an 800% bonus share announcement and pipeline developments in the Shewa Waziristan Block.
Market’s Top Performers of 2024
Ali Asghar Textile Mills recorded an astonishing 2774% increase, transitioning from textiles to logistics and warehousing. Khalid Siraj Textile Mills gained 1156%, benefiting from its focus on yarn production.
Thatta Cement soared 1027%, driven by improved sales and gross margins, along with its re-entry into the tractor business. Dewan Automotive Engineering surged 1073%, despite halted production, due to its diversified operations in automotive and parts manufacturing.
The report also noted new listings, including Secure Logistics, TPL REIT Fund-I, and Fast Cables, which contributed to the market’s growth. With such robust performance, 2024 has been a standout year for Pakistan’s stock market, signaling strong investor confidence and sectoral resilience.
