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The Pakistan Stock Exchange (PSX) emerged as the top-performing asset class in 2024, with the benchmark KSE-100 Index delivering an impressive return of 75% from January 1 to December 20, 2024. This return includes dividends distributed during the year, according to a recent report by Topline Securities. With six trading sessions still remaining in the year, equities have significantly outpaced other investment options.

Gold also performed well in 2024, ranking as the third-best-performing asset. Its price in the local market rose from Rs. 189,386 per 10 grams at the start of the year to Rs. 234,311 per 10 grams by December 20, reflecting a 24% gain. On the international front, gold prices increased from $2,092 per ounce on December 29, 2023, to $2,617 per ounce by December 20, 2024.

The US Dollar, a popular investment choice for Pakistanis in recent years, underperformed in 2024. It depreciated by 1% in the interbank market, falling from Rs. 282 to Rs. 278. This is a stark contrast to the 24% and 28% returns it provided in 2023 and 2022, respectively. However, those who invested in 1-year US Dollar term deposits at the start of the year earned a modest return of 1-4%, depending on deposit rates, which ranged between 2-5%.

High interest rates in 2024 prompted many investors to shift towards fixed-income and low-risk investments. The average bank savings rate stood at 18%, while the National Savings 3-Year Special Savings Certificate (SSC) offered a return of 17%. Money market funds managed by local Asset Management Companies (AMCs) provided an average return of 19% during the year.

Investors in the Naya Pakistan PKR Certificate under the Roshan Digital Account (RDA) earned a 22% return in PKR terms, making it another attractive option for low-risk investors.

Government securities, including Pakistan Investment Bonds (PIBs) and Treasury Bills (T-Bills), also performed well in 2024. Amid a tight monetary policy and record-high interest rates, PIB investors earned a 27% return. Similarly, T-Bill investors achieved a 21% gain, assuming reinvestment in 3-month T-Bills throughout the year. Investments in 1-year T-Bills also yielded a 21% return.

The real estate market saw mixed results in 2024. In Lahore, commercial and residential plot prices declined by 11%, while house prices rose by 14%. In Karachi, commercial plot prices dropped by 10%, while residential plot prices and house prices increased by 5-7%, according to the report.


With equities leading the way, 2024 proved to be a remarkable year for the Pakistan Stock Exchange. While other asset classes, such as gold and fixed-income instruments, also delivered solid returns, the stock market’s performance stood out as the most lucrative investment avenue for the year.

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