Benchmark KSE 100 Index jumped 54% in PKR (23% in USD) after many years in 2023, with only one trading session left. Market value (market capitalization) of listed companies at PSX also increased by 39% to reach Rs9.0trn.

Refinery, Chemicals and Power Generation were the best performing sectors in 2023 as their market cap increased by 88%, 73%, and 65% respectively. On the other hand, Property, Modarabas, and Textile Spinning sectors remained the worst performing sectors posting decline of 24%, 11% and 7%, respectively in 2023.

Refinery sector posted a strong performance, driven by expectations of the finalization of the refinery policy, where Pakistan Refinery (PRL) has already signed a contract. Attock Refinery (ATRL) market cap was up by 131% followed by PRL up 130%, National Refinery (NRL) up 86%, and Cnergyico PK (CNERGY) up 40% in 2023.

Chemical sector also posted a strong performance, led by Colgate-Palmolive, which announced Bonus Shares of 145%, leading to a 147% increase in Market Cap in 2023.

Power Generation performance was led by rally in Hub Power (HUBC) with its Market Cap up 88% and also K-Electric (KEL) saw an 76% increase in Market Cap in 2023.

For our analysis, we have taken 35 sectors out of the total 37 as defined by PSX, excluding Exchange Traded Funds and Closed-End Mutual Funds.

We have also adjusted for new listings, including Symmetry Group (SYM), which obtained listing through an IPO, followed by Treet Battery (TBL), LSE Proptech (LSEPL), LSE Ventures (LSEVL), and B. R. R. Guardian (BRRG), all of which gained listings through mergers.

Courtesy – Topline Research