KARACHI: The KSE-100 index delivered a total return of 51.2 per cent in 2025, with banking and cement stocks leading gains across key sectors as easing macroeconomic pressures and improved earnings visibility drove investor appetite.
Data compiled by database management company Zakheera show the banking sector emerging as the top performer, posting a total return of 103.8 per cent over the year ended December 31, 2025 -- double the broader market’s advance – and contributing nearly 45 per cent of the total index gain. The rally was supported by high interest income, resilient balance sheets and sustained investor interest in large-cap lenders.
Cement stocks followed with an 88.1 per cent return, reflecting expectations of a gradual recovery in construction activity and infrastructure-related demand. Fertiliser shares gained 68.5 per cent, aided by stable pricing and expectations of improved farm economics, while the power sector returned 62 per cent amid selective buying in companies with stronger cash flows.
Chemical stocks rose 58.9 per cent, also outperforming the benchmark, as investors favoured sectors seen as relatively insulated from domestic demand volatility.In contrast, performance among consumer- and export-oriented sectors was more subdued. Textile and technology stocks delivered returns of 27 percent and 26.5 percent, respectively, while food and automobile shares rose less than 20 percent over the year. Exploration and production stocks gained 16.3 percent, weighed down by pricing uncertainty and muted exploration activity.
Pharmaceutical and oil and gas stocks posted single-digit gains of around 9.0 per cent, broadly lagging the wider market, while refinery shares ended the year flat.
The divergence in sectoral performance highlights investors’ preference for interest rate–sensitive and cyclical plays in 2025, as confidence improved unevenly across the economy despite lingering structural challenges.
APP reported: the benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) on Thursday closed bullish, gaining 2,301.17 points, a positive change of 1.32 per cent, to settle at 176,355.49 points compared to 174,054.32 points on the previous trading day, according to PSX data.
During the session, the ready market witnessed a trading volume of 1,402.65 million shares with a traded value of Rs48.424 billion, against 957.239 million shares valuing Rs44.231 billion in the previous session.
Market capitalisation surged to Rs19.968 trillion from Rs 19.690 trillion a day earlier.Out of the 485 active companies in the ready market, 337 advanced, 116 declined, while 32 remained unchanged.
K-Electric Limited topped the volume chart with 372.705 million shares, followed by Pak International Bulk with 139.941 million shares and Bank of Punjab with 55.418 million shares.The top gainers included PIA Holding Company LimitedB, which rose by Rs 1,954.06 to close at Rs 21,494.64, and Pakistan Tobacco Company Limited, increasing by Rs 57.08 to settle at Rs 1,598.76.On the losing side, Unilever Pakistan Foods Limited declined by Rs 138.95 to close at Rs 28,850.05, while Service Industries Limited fell by Rs 27.53 to close at Rs 1,547.47.In the futures market, turnover stood at 307.047 million shares with a traded value of Rs 12.024 billion, compared to 206.329 million shares worth Rs 11.811 billion in the previous session.
Out of 313 futures-market companies, 230 recorded gains, 77 declined, while six remained unchanged.Among futures contracts, KEL-JAN led with 85.582 million shares, followed by PIBTL-JAN with 49.455 million shares and BOP-JAN with 24.514 million shares.
