Karachi: The KSE 100 Index experienced a robust 52% increase in 2025, with notable gains in the commercial banking, cement, and fertilizer sectors, according to a recent report by JS Global. The market capitalization of listed companies on the Pakistan Stock Exchange (PSX) rose by 39%, reaching Rs19.7 trillion, or approximately $70 billion.
Vanaspati and Allied Industries, investment companies, and woolen sectors emerged as the best performers, with market capitalizations increasing by 120%, 97%, and 88%, respectively. Conversely, the synthetic and rayon, and leather and tanneries sectors faced declines of 12% and 3%.
Among large-cap sectors, commercial banks, cement, and fertilizers witnessed remarkable growth, with market capitalization rising by 85%, 81%, and 57%, respectively. The banking sector drew attention due to valuation adjustments, net interest income growth, and capital gains by specific banks. The cement sector's improved dynamics contributed to its market capitalization increase, while the fertilizer sector's gains were primarily driven by Fauji Fertilizer Company.
Significant stock performances included S.S. Oil Mills Limited, which saw a 416% increase due to sales boosts from the import ban lift on GMO seeds. The Bank of Punjab's share price rose by 284%, spurred by a strong turnaround, net interest income growth, and resumed dividends. National Bank and Askari Bank recorded gains of 280% and 181%, respectively, driven by net interest income growth and capital gains.
Kohinoor Textile Mills Limited also posted a 175% gain, largely due to the performance of its subsidiaries, Maple Leaf Cement Company and Maple Leaf Capital. The subsidiary's strategic plans to acquire Pioneer Cement Company signaled potential future growth.
PIA Holding Company Limited B delivered an extraordinary gain of 2,157%, though it remains a highly illiquid stock. Beco Steels and Bunnys Limited also posted significant returns of 704% and 703%, respectively, due to expansions in production capacities and new ventures. Baba Farid Sugar Mills Limited and International Knitwear Limited saw gains of 543% and 540%, respectively, as they expanded their production and product lines.