Drive past the Tomb of Abdullah Shah Ghazi and one cannot ignore the building that slowly rises from nowhere. As the smell of the ocean starts to take over and the sound of waves crashing fills the ears, the view is dominated by Dolmen Mall Clifton and the Harbour Front property. It looks like the last remnant of the City of Atlantis as it towers over the horizon. Just like the building seems to rise out of the sea, the stock performance of the company has seen a similar towering rise in its price in recent years. With the company expected to have its best year in its history, it can be expected that this rise will continue for the foreseeable future.
The stock rally for the generations
In recent years, the stock market has been able to show a rally with little signs of abating. Just go back 3 years and you would see something much different. The index was trading at just around 45,000 points and investors were booking losses as share prices were stagnant for a long period of time. The heady times of 2017 had long subsided and investors were skeptical to invest. Any signs of recovery had been decimated due to the pandemic and it seemed like a miracle would be required before things could change.
All the doom and gloom finally went away as the index started to get some momentum in June of 2023. In a period of two years, the index has gone from 45,000 points to now trading at an all time high of 133,000 points and every day a new high is touched and then surpassed. In such a market, it is no surprise that there are many names that have been floated as being the ones that have outperformed the market. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
