KARACHI: Pakistan Stock Exchange performed exceptionally well as the benchmark KSE-100 Index jumped 85 percent in PKR terms (87 percent in USD) in 2024, with only one trading session left.
The market value (market capitalization) of listed companies at PSX has also increased by 61 percent, reaching Rs14.6 trillion.
Pharmaceuticals, Jute and Transport were the best performing sectors in 2024 as their market cap increased by 198 percent, 182 percent, and 130 percent respectively. On the other hand, Chemicals, Modarabas, and Textile Weaving remained the worst performing sectors posting decline of 54 percent, 33 percent and 2 percent, respectively in 2024.
Pharmaceuticals posted a strong performance due to the improved financial results after decline in raw material prices, stable currency, lower inflation and deregulation of non-essential drugs. Haleon Pakistan (HALEON) saw its market capitalization rise by 409 percent, followed by GlaxoSmithKline Pakistan (GLAXO) with a 385 percent increase, and Macter International (MACTER) with a 274 percent rise in 2024.
Jute sector also posted a strong performance with a 182 percent increase, led by Suhail Jute Mills (SUHJ), whose market capitalization rose by 329 percent in 2024.
Transport sector’s performance was led by a rally in Cordoba Logistics & Ventures (CLVL), whose market capitalization rose by 177 percent, while Pakistan National Shipping Corporation (PNSC) recorded a 163 percent increase in market capitalization in 2024.
“We have adjusted our working for new listings, including Secure Logistics (SLGL), TPL REIT Fund-I (TPLRF1), International Packaging (IPAK), Fast Cables (FCL), and BF Biosciences (BFBIO) which obtained listing through an IPO followed by Stylers International (STYLERS), LSE Capital (LSE Capital), LSE Financial Services (LSEFSL), UDL International (UDLI), and Big Bird Foods (BBFL) all of which gained listings through mergers,” Topline Securities research report said.
Top stocks of KSE 100 Companies:
According to the Topline Securities report, in the KSE-100 Index, Sazgar Engineering (SAZEW) was the top performing stock in 2024 where the stock gained 552 percent. This surge in the share price is primarily attributed to an increase in volumetric sales, with 4-wheeler sales up by 220 percent YoY and 3-wheeler sales up by 96 percent YoY in 11M2024, it added.
This was followed by GlaxoSmithKline (GLAXO), whose share price increased by 385 percent due to the deregulation of non-essential drugs, resulting in an improvement in earnings, the report said adding that the company recorded an outstanding profit of Rs 3.6 billion in 9M2024, compared to a loss of Rs 392 million in 9M2023.
Air Link Communication (AIRLINK) gained 268 percent in 2024 due to an improvement in mobile sales and the anticipated launch of locally assembled TVs and laptops. In 9M2024, AIRLINK has recorded revenue of Rs 91.2 billion up 135 percent YoY.
Fauji Fertilizer Company (FFC) also rose by 246 percent, driven by expectations of strong earnings amid lower gas prices compared to peers, its merger with Fauji Fertilizer Bin Qasim (FFBL), and the acquisition of Agritech Limited (AGL).
Mari Petroleum Company (MARI) gained 220 percent in 2024, attributed to the announcement of an 800 percent bonus share, completion of pipeline work in the Shewa Waziristan Block, and investments in mining and IT businesses.
Top performer from all listed stocks in 2024:
Ali Asghar Textile Mills (AATM) was the top performing stock of the market in 2024 where the stock gained 2774 percent. The company, established in 1969 as a textile spinning unit, made a strategic shift in 2011 by exiting the textile spinning sector to focus on warehousing and logistics. Today, its core business revolves around providing logistics, warehousing, construction, rental, and related services.
Copyright Business Recorder, 2024
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