Pakistan Stock Exchange sees growth in billion-dollar club amid market rally
The Pakistan Stock Exchange now has 11 listed companies valued at over USD 1 billion, up from 6 in December 2023. The market rally reflects investor confidence boosted by positive macroeconomic indicators and stable politics.
The Pakistan Stock Exchange (PSX) has seen a significant increase in the number of listed companies valued at over USD 1 billion, now totaling 11 compared to just 6 in December 2023. This surge indicates a rise in investor confidence due to improved macroeconomic indicators and a stable political environment.
Leading the pack is Oil and Gas Development Company (OGDC) with a market capitalization of USD 3.35 billion, showing a nearly twofold increase in the last six months. Four other companies have surpassed the USD 2 billion mark: OGDC, Mari Petroleum (MARI), United Bank Limited (UBL), and Meezan Bank Limited (MEBL). The presence of major banks in this group reflects a positive outlook in the financial sector, benefiting from enhanced profitability and asset quality.
Several other notable companies have also crossed the USD 1 billion milestone. Fauji Fertilizer Company (FFC) is valued at USD 1.94 billion, Lucky Cement at USD 1.84 billion, and Pakistan Petroleum Limited (PPL) at USD 1.64 billion. MCB Bank, Colgate Pakistan, Nestlé Pakistan, and Pakistan Tobacco Company (PTC) have market capitalizations ranging from USD 1.08 billion to USD 1.19 billion.
Analysts attribute the rise in valuations to increased foreign and local investor participation, driven by expectations of monetary easing and ongoing economic reforms.
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