The Pakistan Stock Exchange (PSX) witnessed a remarkable year in 2024, with the benchmark KSE-100 Index surging by 85% in rupee terms and 87% in US dollar terms, according to a report by Topline Securities. With only one trading session left in the year, the market capitalization of listed companies at PSX increased by 61%, reaching Rs. 14.6 trillion.
Best and Worst Performing Sectors
The Pharmaceuticals, Jute, and Transport sectors emerged as the top-performing sectors in 2024, with their market capitalizations increasing by 198%, 182%, and 130%, respectively. Pharmaceuticals led the rally due to improved financial results driven by a decline in raw material prices, a stable currency, lower inflation, and the deregulation of non-essential drugs. Key players in the sector included Haleon Pakistan (HALEON), whose market capitalization soared by 409%, GlaxoSmithKline Pakistan (GLAXO) with a 385% increase, and Macter International (MACTER), which rose by 274%.
The Jute sector also posted strong gains, led by Suhail Jute Mills (SUHJ), whose market capitalization jumped by 329%. In the Transport sector, Cordoba Logistics & Ventures (CLVL) saw a 177% increase in market capitalization, while Pakistan National Shipping Corporation (PNSC) recorded a 163% rise.
On the other hand, the Chemicals, Modarabas, and Textile Weaving sectors were the worst performers, with declines of 54%, 33%, and 2%, respectively.
Key IPOs and Listings
The PSX also saw several new listings in 2024, including Secure Logistics (SLGL), TPL REIT Fund-I (TPLRF1), International Packaging (IPAK), Fast Cables (FCL), and BF Biosciences (BFBIO), which entered the market through IPOs. Additionally, companies like Stylers International (STYLERS), LSE Capital, LSE Financial Services (LSEFSL), UDL International (UDLI), and Big Bird Foods (BBFL) gained listings through mergers.
Top Stocks in the KSE-100 Index
Among KSE-100 companies, Sazgar Engineering (SAZEW) was the top-performing stock, with a staggering 552% gain in 2024. This growth was fueled by a 220% year-on-year (YoY) increase in 4-wheeler sales and a 96% YoY rise in 3-wheeler sales during the first 11 months of the year.
GlaxoSmithKline Pakistan (GLAXO) followed with a 385% increase in share price, driven by the deregulation of non-essential drugs and a significant turnaround in earnings. The company posted a profit of Rs. 3.6 billion in the first nine months of 2024, compared to a loss of Rs. 392 million in the same period of 2023.
Other notable performers included Air Link Communication (AIRLINK), which gained 268% due to improved mobile sales and the anticipated launch of locally assembled TVs and laptops, and Fauji Fertilizer Company (FFC), which rose by 246% on the back of lower gas prices, a merger with Fauji Fertilizer Bin Qasim (FFBL), and the acquisition of Agritech Limited (AGL). Mari Petroleum Company (MARI) also posted a 220% gain, supported by an 800% bonus share announcement and progress in its Shewa Waziristan Block pipeline project.
Top Performers Across All Listed Stocks
The standout performer of 2024 was Ali Asghar Textile Mills (AATM), whose share price skyrocketed by 2774%. The company, which shifted its focus from textile spinning to logistics and warehousing in 2011, now operates in logistics, construction, and rental services.
Other exceptional performers included Khalid Siraj Textile Mills (KSTM), which gained 1156%, and Thatta Cement Company (THCCL), whose share price rose by 1027% due to increased sales and improved margins. Dewan Automotive Engineering (DWAE) also surged by 1073%, despite production halts, as the company expanded its focus on tractors, light commercial vehicles, and motorcycles.
A Record-Breaking Year for PSX
The year 2024 will be remembered as a historic one for the Pakistan Stock Exchange, with significant gains across key sectors and standout performances by individual stocks. As the market continues to grow, investors remain optimistic about the opportunities ahead.
