Top Performing Sectors and Stocks in 2024
ISLAMABAD: Benchmark KSE 100 Index jumped 85% in PKR (87% in USD) in 2024, with only one trading session left. Market value (market capitalization) of listed companies at PSX also increased by 61% to reach Rs14.6trn.
Pharmaceuticals, Jute and Transport were the best performing sectors in 2024 as their market cap increased by 198%, 182%, and 130% respectively. On the other hand, chemicals, Modarabas, and Textile Weaving sectors remained the worst performing sectors posting decline of 54%, 33% and 2%, respectively in 2024.Finance Minister describes Islamic finance, Islamic capital markets as road to market
Pharmaceuticals posted a strong performance due to the improved financial results after decline in raw material prices, stable currency, lower inflation and deregulation of non-essential drugs. Haleon Pakistan (HALEON) saw its market capitalization rise by 409%, followed by GlaxoSmithKline Pakistan (GLAXO) with a 385% increase, and Macter International (MACTER) with a 274% rise in 2024.
Jute sector also posted a strong performance with a 182% increase, led by Suhail Jute Mills (SUHJ), whose market capitalization rose by 329% in 2024.
Transport sector’s performance was led by a rally in Cordoba Logistics & Ventures (CLVL), whose market capitalization rose by 177%, while Pakistan National Shipping Corporation (PNSC) recorded a 163% increase in market capitalization in 2024.
We have adjusted our working for new listings, including Secure Logistics (SLGL), TPL REIT Fund-I (TPLRF1), International Packaging (IPAK), Fast Cables (FCL), and BF Biosciences (BFBIO) which obtained listing through an IPO followed by Stylers International (STYLERS), LSE Capital (LSE Capital), LSE Financial Services (LSEFSL), UDL International (UDLI), and Big Bird Foods (BBFL) all of which gained listings through mergers.
Top stocks of KSE 100 Companies
In KSE 100 Index, Sazgar Engineering (SAZEW) was the top performing stock in 2024 where the stock gained 552%. This surge in the share price is primarily attributed to an increase in volumetric sales, with 4-wheeler sales up by 220% YoY and 3-wheeler sales up by 96% YoY in 11M2024.
This was followed by GlaxoSmithKline (GLAXO), whose share price increased by 385% due to the deregulation of non-essential drugs, resulting in an improvement in earnings. The company recorded an outstanding profit of Rs3.6bn in 9M2024, compared to a loss of Rs392mn in 9M2023.
Air Link Communication (AIRLINK) gained 268% in 2024 due to an improvement in mobile sales and the anticipated launch of locally assembled TVs and laptops. In 9M2024, AIRLINK has recorded revenue of Rs91.2bn up 135% YoY.
Fauji Fertilizer Company (FFC) also rose by 246%, driven by expectations of strong earnings amid lower gas prices compared to peers, its merger with Fauji Fertilizer Bin Qasim (FFBL), and the acquisition of Agritech Limited (AGL).
Mari Petroleum Company (MARI) gained 220% in 2024, attributed to the announcement of an 800% bonus share, completion of pipeline work in the Shewa Waziristan Block, and investments in mining and IT businesses.
Top performer from all listed stocks in 2024
Ali Asghar Textile Mills (AATM) was the top performing stock of the market in 2024 where the stock gained 2774%. The company, established in 1969 as a textile spinning unit, made a strategic shift in 2011 by exiting the textile spinning sector to focus on warehousing and logistics. Today, its core business revolves around providing logistics, warehousing, construction, rental, and related services.
Similarly, Khalid Siraj Textile Mills (KSTM) also rose by 1156% in 2024. The principal business of the company is the manufacturing and sale of yarn, along with other related and allied operations.
Thatta Cement Company (THCCL) share price soared by 1027%, driven by an increase in volumetric sales and improved gross margins. The company also re-entered the tractor business.
Dewan Automotive Engineering (DWAE) surged by 1073%. The company’s business involves the assembly and progressive manufacturing of tractors, light commercial vehicles, and motorcycles, as well as the trading and manufacturing of related parts and implements. During the year, the company’s production remained halted.
