The Pakistan Stock Exchange’s benchmark KSE-100 Index delivered a 9% increase in profitability in 2025, with total earnings rising to nearly US$6.3 billion in dollar terms, reflecting a broadly positive year for equities.

Despite the strong headline performance, gains were uneven across sectors. Exploration & Production (E&P) companies emerged as the biggest underperformer, posting a sharp 22% decline in earnings and weighing heavily on overall index growth.

When E&Ps are excluded, the underlying picture strengthens considerably, with profitability across the index rising by 15%, highlighting the resilience of core sectors.

The rally was primarily driven by strong performances from banks, cement manufacturers, technology firms, and automobile companies. These sectors collectively provided the main support to earnings growth and helped offset weakness in the energy segment.

Market data indicates that while select heavyweights lagged, broader participation from cyclical and growth sectors kept the overall earnings trend firmly positive.