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Pakistan’s stock market gained 87% during 2024 with transport, pharmaceuticals top-performing sectors — report

People walk outside the Pakistan Stock Exchange building in Karachi on May 21, 2024. (AN Photo/File)
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Updated 01 January 2025
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Pakistan’s stock market gained 87% during 2024 with transport, pharmaceuticals top-performing sectors — report

  • Analysts attribute stock market’s strong performance to sharp rate cuts, strengthening rupee and disbursement of IMF loan
  • Pakistan’s central bank slashed key policy rate by 200 basis points to 13% on Dec. 16, making it fifth straight reduction since June
Updated 01 January 2025
Hasaan Ali Khan

ISLAMABAD: The KSE-100 index of the Pakistan Stock Exchange (PSX) recorded an impressive 85% gain in Pakistani rupees and 87% in US dollars during 2024, a report by the country’s top brokerage house said this week, listing pharmaceuticals, jute and transport among the top-performing sectors of the market.
Pakistan’s stock market has enjoyed gains and bullish trends since the past two months. Financial analysts have attributed the stock market’s bullish trend to drastic cuts in key policy rate, strengthening of the rupee and economic gains triggered by Islamabad signing a $7 billion loan with the International Monetary Fund (IMF) this year.
Pakistan’s central bank cut its key policy rate by 200 basis points to 13% on Dec. 16, making it the fifth straight reduction since June, as the country keeps up efforts to revive a sluggish economy with inflation on the decline as per official figures.
According to a yearly market review by Topline Securities on Tuesday, the market capitalization of companies listed at the Pakistan Stock Exchange (PSX) increased by 61% to reach Rs14.6 trillion this year.
“Benchmark KSE 100 Index jumped 85% in PKR (87% in USD) in 2024, with only one trading session left,” the report said. “Market value (market capitalization) of listed companies at PSX also increased by 61% to reach Rs14.6trn.”
The report pointed out that pharmaceuticals, jute and transport were the best performing sectors in 2024 as their market cap increased by 198%, 182% and 130% respectively. On the other hand, chemicals, modarabas, and textile weaving sectors remained the worst performing sectors that posted declines of 54%, 33% and 2%, respectively in 2024.
Raza Jafri, the head of equity at Intermarket Securities, told Arab News that the gains enjoyed by the PSX made it one of the “best-performing equity markets in the world.”
He highlighted that the Pakistan stock market’s gains outpaced those of the Morgan Stanley Capital International Emerging Markets Index and the Morgan Stanley Capital International Frontier Markets Index, which gained only around five percent in 2024.
“Macro stabilization, which reflected in sharp interest rate cuts and a stable Pakistani rupee, enabled equity market valuations in Pakistan to bounce back from record lows,” Jafri told Arab News on Wednesday.
Meanwhile, Arif Habib Commodities CEO Ahsan Mehanti said the PSX outperformed other stock markets due to the central bank’s key policy rate, robust economic indicators and the successful disbursement of the new IMF program.
“Government bond yields fell by over an unprecedented 1100bps during the year inviting institutional interest in equities,” he said. “Fall in global crude oil prices reduced import bill by up to $5 billion and helped CPI inflation to fall below five percent resulting in current account surplus and rupee stability.”
According to Topline Securities, the best-performing stocks in Pakistan were GlaxoSmithKline Pakistan (GLAXO), which recorded a 385% increase; Air Link Communication (AIRLINK), which gained 268%; Sazgar Engineering (SAZEW), which gained 252 percent; Fauji Fertilizer Company (FFC), which rose 246 percent; and Mari Petroleum Company (MARI), which gained 220 percent.
It added that the top performers among all listed stocks in 2024 were Ali Asghar Textile Mills (AATM), which gained 2,774%; Khalid Siraj Textile Mills (KSTM), which rose by 1,156%, Thatta Cement Company (THCCL), whose share price soared by 1,027%; and Dewan Automotive Engineering (DWAE), which surged by 1,073%.
Pakistan’s Prime Minister Shehbaz Sharif also expressed his happiness over the Pakistani stock market’s performance in a post on social media platform X.

“Alhamdolilah! What great news to end the year on!” he wrote on Wednesday.

Topics: Pakistan Stock Exchange Pakistan economy

Pakistan weekly inflation records slight decrease after rising for three consecutive weeks

Updated 04 January 2025
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Pakistan weekly inflation records slight decrease after rising for three consecutive weeks

  • Major decrease observed in prices of tomatoes, electricity, potatoes, eggs, liquefied petroleum gas and wheat flour
  • Pakistan’s annual consumer inflation eased further to 4.1 percent in Dec. 2024, according to the country’s statistics bureau
Updated 04 January 2025
KASHIF IMRAN

ISLAMABAD: Short-term inflation, measured by the Sensitive Price Index (SPI), has witnessed a slight decrease in Pakistan, the country’s statistics bureau said this week, after increasing for three weeks in a row.
The SPI, which comprises 51 essential items collected from 50 markets in 17 cities, is computed on a weekly basis to assess the price movement of essential commodities at a shorter interval of time to review the price situation in the country.
The SPI for the week ending on Jan. 2 decreased 0.26 percent on a week-on-week basis, according to the Pakistan Bureau of Statistics (PBS). Weekly inflation last decreased by 0.34 percent in Pakistan in the week ending on Dec. 5.
“During the week, out of 51 items, prices of 18 (35.29 percent) items increased, 10 (19.61 percent) items decreased and 23 (45.10 percent) items remained stable,” the PBS said in its report.
Major decrease was observed in the prices of tomatoes (13.48 percent), electricity charges for Q1 (7.48 percent), potatoes (5.59 percent), eggs (0.23 percent), garlic (0.21 percent), liquefied petroleum gas (0.18 percent) and wheat flour (0.09 percent).
The items whose prices increased during the week included chicken (10.28 percent), onions (4.93 percent), bananas (1.68 percent), diesel (1.18 percent), sugar (0.95 percent), jaggery (0.58 percent), vegetable ghee 2.5 Kg (0.53 percent) and petrol (0.21 percent).
Pakistan’s annual consumer inflation eased further to 4.1 percent in Dec. 2024, according to the PBS. Consumer inflation cooled from 4.9 percent in November, a sharp drop from a multi-decade high of nearly 40 percent in May 2023.

Topics: inflation in Pakistan

Pakistan condemns Israel’s ‘deliberate’ targeting of Gaza hospitals, calls for accountability

Updated 04 January 2025
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Pakistan condemns Israel’s ‘deliberate’ targeting of Gaza hospitals, calls for accountability

  • The statement comes a week after Israeli forces burned Kamal Adwan Hospital in Gaza, forcefully removing patients and staff
  • Israel’s military campaign in Gaza has killed more than 45,000 people and forced hundreds of thousands to migrate since Oct. 2023
Updated 04 January 2025
Arab News Pakistan

ISLAMABAD: Pakistan has condemned Israel’s “deliberate” targeting of hospitals, medical personnel, patients and the wounded in Gaza, and called for its accountability over attacks on health infrastructure and other “war crimes,” Pakistani state media reported on Saturday.
The statement came a week after Israeli forces burned Kamal Adwan Hospital in Gaza and forcefully removed patients and medical staff from the facility, hospital officials said.
In its campaign since Oct. 2023 attacks by Hamas, Israel’s military has targeted hospitals, schools and residential neighborhoods in Gaza, killing more than 45,000 people and forcing hundreds of thousands to migrate, according to Palestinian officials.
“Deliberate targeting of hospitals, medical personnel, patients and the wounded defies every principle of international humanitarian law and has no justification,” Ambassador Asim Iftikhar, Pakistan’s alternate permanent representative to the United Nations, was quoted as saying by the Radio Pakistan broadcaster.
“There must be accountability for such actions and not just condemnation,” he told a UN Security Council session on the collapse of health services in besieged Gaza.
Pakistan does not recognize nor have diplomatic relations with Israel and calls for an independent Palestinian state based on “internationally agreed parameters.”
The South Asian country has dispatched several relief consignments for Gaza, besides establishing the ‘Prime Minister’s Relief Fund’ that aims to collect public donations for the war-affected people.
Speaking further at the UNSC session, the Pakistani diplomat called for a “decisive action” for an immediate and unconditional ceasefire to halt bloodshed and destruction in Gaza and lifting of the enclave’s inhumane blockade to ensure free flow of food, medical supplies, and humanitarian aid for those in desperate need.

Topics: Pakistan at UN Asim Iftikhar Ahmad pakistan palestine ties

Protesters block key Pakistan-China trade route over power outages in Gilgit-Baltistan

Updated 04 January 2025
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Protesters block key Pakistan-China trade route over power outages in Gilgit-Baltistan

  • Residents report facing 20-hour outages despite the construction of several power stations
  • Officials say the region relies on hydropower, which is disrupted in winter due to freezing rivers
Updated 04 January 2025
Nisar Ali

KHAPLU, Gilgit-Baltistan: A key land route connecting Pakistan and China was blocked indefinitely by angry protesters in northern Gilgit-Baltistan on Friday, as hundreds of them staged sit-ins against prolonged power outages in the region.
The Karakoram Highway (KKH), a vital trade route between the two countries, was obstructed at Ali Abad, a significant point in the Hunza Valley. The area has witnessed a gradual increase in trade activity following an agreement between Pakistan and China to keep the Khunjerab Pass open year-round to facilitate economic exchanges.
Last month, Pakistan’s National Logistics Corporation conducted its first international cargo transportation via the border, moving goods from China to the United Arab Emirates.
“Hunza is experiencing severe power outages,” Zahoor Ilahi, a protest leader from the Awami Workers Party, told Arab News over the phone. “That’s why we have blocked the Karakoram Highway.”
“The highway has been blocked for all kinds of traffic at Ali Abad since afternoon, and we will not end the sit-in until our demands are met,” he added. “The government is not running the thermal station generators, and all parts of Hunza are facing over 20 hours of power crisis.”
Protests were also held in other parts of Hunza, including Sost and Gulmit, with shutter-down strikes observed against the prolonged power crisis.
“There has been no progress in the power sector for the last three to four years in Hunza,” Rehan Shah, a local resident of the area, told Arab News. “The speed of work on the power projects is very slow, and all residents want an uninterrupted supply of electricity.”
Shah said the protests were jointly organized by various political parties and trade associations in the region.
Meanwhile, protests were also observed in other parts of Gilgit-Baltistan, including Danyor in Gilgit city.
Speaking to Arab News, Advocate Ehsan Ali, president of the Awami Action Committee, said that most districts in the region were facing prolonged power cuts.
“The duration of the power crisis in Gilgit city is about 20 hours,” he said. “Skardu is facing 21 to 22 hours of power cuts, and Hunza is also experiencing the same. Similarly, districts like Ghizer and Chilas are also dealing with the worst kind of power outages.”
“Millions of rupees have been spent on power projects, but unfortunately, none are producing enough electricity,” he said. “In the 21st century, electricity is still unavailable here.”
Hamid Hussain, an engineer at the Gilgit-Baltistan Water and Power Department, acknowledged the issue but attributed it to technical reasons, saying the region heavily relied on hydropower, which often faced disruption in winter due to the freezing of rivers and lakes.
“There are 137 power stations in Gilgit-Baltistan,” he told Arab News. “The installed capacity of these power stations is 190 megawatts. However, power generation is 140 megawatts during the summer while 76 megawatts during the winter due to the low flow of water.”
“The residents of Hunza are demanding thermal generators,” he added. “But we can’t run them due to financial reasons. There are many thermal generators in Gilgit, but we can’t fulfill people’s demand due to the high fuel cost.”
Hussain said his department would run the thermal generators to reduce the power crisis if the government decided to release funds.

Topics: Gilgit-Baltistan region Gilgit Baltistan protest karakoram highway

Pakistan’s Saim Ayub ruled out of second South Africa Test after twisting right ankle

Updated 04 January 2025
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Pakistan’s Saim Ayub ruled out of second South Africa Test after twisting right ankle

  • Ayub fell awkwardly in the outfield and was visibly in lot of pain as he received brief treatment on the ground
  • South Africa dominated the day 1 at Newlands and piled up 316 for four, with Ryan Rickelton hitting 176 not out
Updated 04 January 2025
Shahjahan Khurram

ISLAMABAD: Pakistan had an injury scare when opening batter Saim Ayub twisted his right ankle on the field on day 1 of the second and final Test against South Africa on Friday.
Ayub fell awkwardly in the outfield and was visibly in lot of pain as he received brief treatment on the ground before he was rushed to a hospital for precautionary scans.
The opening batter has been ruled out of further participation in the second Test, according to the Pakistan Cricket Board (PCB).
“Saim underwent X-rays and MRI tests this afternoon and the reports have been sent to specialists in London for further advice on the treatment and time away from competitive cricket,” the PCB said in a statement.
South Africa dominated the day 1 of the second Test at Newlands and piled up 316 for four, with Ryan Rickelton hitting 176 not out. He shared a fourth-wicket partnership of 235 with his captain, Temba Bavuma, who made 106.
South Africa have already sealed a place in June’s World Test Championship final with a dramatic two-wicket win in the first test at Centurion.

Topics: Pakistan vs South Africa Saim Ayub

Pakistan issues 94 visas to Indian pilgrims for Hindu saint’s birth anniversary in Sindh

Updated 03 January 2025
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Pakistan issues 94 visas to Indian pilgrims for Hindu saint’s birth anniversary in Sindh

  • Shiv Avtari Sant Shadaram Sahib was born in 1708 in Lahore, which is now part of Pakistan
  • Pakistani charge d’affaires in India says his country is committed to facilitating devotees
Updated 03 January 2025
Arab News Pakistan

ISLAMABAD: Pakistan’s High Commission in New Delhi announced on Friday the issuance of 94 visas to Indian pilgrims to attend the birth anniversary of a revered 18th-century Hindu spiritual leader in the southern province of Sindh.
Shiv Avtari Sant Shadaram Sahib was born in 1708 in Lahore, now part of Pakistan. Known for his spiritual teachings and emphasis on universal love, he is believed to be an incarnation of Shiva, one of the principal deities in Hinduism, by his followers.
His most notable legacy is the founding of Shadani Darbar, a prominent Hindu temple and spiritual center located in Hayat Pitafi, situated in Ghotki District, which became a pilgrimage destination.
“@PakinIndia has issued 94 visas to Indian pilgrims for their visit to Pakistan to participate in the 316th Birth Anniversary Celebrations of Shiv Avtari Stguru Sant Shadaram Sahib, at Shadani Darbar Hayat Pitafi, Sindh from 05-15 January 2025,” the high commission posted on X, formerly known as Twitter.
It mentioned that the Charge d’Affaires Saad Ahmad Warraich wished the pilgrims a “rewarding and fulfilling journey,” emphasizing Pakistan’s commitment to preserving sacred religious sites and facilitating pilgrimages.
Religious tourism remains a key aspect of cultural exchanges between India and Pakistan, governed by the 1974 Protocol on Visits to Religious Shrines. This agreement allows devotees from both countries to visit sacred sites, including Hindu temples in Pakistan and Islamic shrines in India. However, political tensions between the two nations have at times disrupted these exchanges, with instances where visas were denied to religious pilgrims.
In recent years, Pakistan has actively promoted religious tourism, welcoming Buddhist monks as well as Hindu and Sikh pilgrims from India and across the globe. The inauguration of the Kartarpur Corridor in 2019, which allows visa-free travel for Indian Sikhs to the Gurdwara Darbar Sahib in Kartarpur, is a significant milestone in these efforts.
Each year, a large number of Indian Sikhs also travel to Pakistan to pay homage at sacred sites, including Maharaja Ranjit Singh’s Samadhi in Lahore, the last resting place of the founder of the Sikh Empire, and Gurdwara Panja Sahib in Hasan Abdal, revered for its connection to Guru Nanak.

Topics: Pakistan India Indian pilgrims in Pakistan Pakistan High Commission

Latest updates

Pakistan weekly inflation records slight decrease after rising for three consecutive weeks
Fragile Israel-Hezbollah truce holding so far, despite violations
Hamas wants Gaza ceasefire deal as soon as possible, senior official says
Pakistan condemns Israel’s ‘deliberate’ targeting of Gaza hospitals, calls for accountability
Protesters block key Pakistan-China trade route over power outages in Gilgit-Baltistan

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