Gains recorded in companies listed at cement, auto, banks, fuel and gas sectors outperformed the appreciation registered at the KSE-100 index during 2003 by 280 percent to 67 percent.
According to an analyst, some of the gains made in these sectors was mere speculation while seasoned investors believed that it was on expectations that the companies would pay good dividends in the coming years because of growth in their sales and revenues.
The banks registered growth as investors viewed that the rally at the stock market for the last two years had increased their capital gains and their investment in equity market has registered tremendous growth.
During the year 2003, the KSE-100 Index achieved growth of 65.5 percent, which was yet another achievement after the highly successful 112 percent gain in 2002, when it was the 'best performing market' in the world.
The year also saw some great performances in several key stocks.
During the year 2003, as is evident from the table, key cement stocks remained at the top in terms of gains.
The cement sector witnessed a complete U-turn. Rising demand, cartel reformation, and falling manufacturing and financing costs were the main reasons for this turnaround.
Automobiles demand continued to grow and, with this rising demand, came a significant rise in profitability. Thus, Dewan Motors, Indus Motors, and Pak Suzuki outperformed the KSE-100 Index by 125 percent, 89 percent, and 47 percent, respectively.
Banking stocks also performed well as banks posted record profits in 2002, and are on their way to breaking those records in 2003.
The best performer amongst banks remained Faysal Bank as it was best placed to take advantage of the rising stock market.
Others like NBP, Askari, and MCB benefited from rising liquidity and witnessed deposit-driven volume-based growth along with significant capital gains on investment.
INVESTCAPITAL SAMPLE COMPANIES' RETURNS IN 2003:

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                              Return in
S.No.   Company              percentage
                                  terms
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   KSE-100 Index                   65.5
01 Maple Leaf Cement              279.4
02 D.G.KhanCement                 233.6
03 Fauji Cement                   201.4
04 Dewan Motors                   190.3
05 Faysal Bank                    177.2
06 Indus Motor                    154.1
07 Pakistan Oilfields             141.9
08 Lucky Cement                   126.8
09 National Bank                  115.5
10 Pak Suzuki                     112.3
11 Askari Bank                    108.8
12 Nishat Mills                   103.2
13 Packages Limited                97.6
14 MCB                             85.5
15 FFC Bin Qasim                   84.3
16 SNGPL                           75.7
17 Kohinoor Energy                 69.3
18 Ibrahim Fibres                  68.4
19 SSGC                            67.1
20 ICI                             61.7
21 PTCL                            54.4
22 PSO                             44.0
23 Fauji Fertilizer                42.6
24 Dewan Salman                    31.1
25 Unilever Pakistan               31.1
26 Shell                           23.8
27 Engro                           19.6
28 Hub Power                        9.4
29 Adamjee Insurance                8.8
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