The Pakistan Stock Exchange (PSX) began the new year on a high note, with the KSE-100 Index soaring over 2,100 points in the opening hours of trading on Wednesday with the total of 116,800.

By 10:30am, the index reached 116,368.35, reflecting an increase of 1,241.45 points, or 1.08%. There was notable buying activity in key sectors such as automobiles, cement, commercial banks, fertilizers, oil and gas exploration, oil marketing companies, power generation, and pharmaceuticals.

Major stocks contributing to this surge included HUBCO, SNGPL, MARI, OGDC, ENGRO, MCB, and MEBL, all trading positively.

On the last trading day of 2024, the KSE-100 Index closed nearly unchanged, settling at 115,126.90, down 132.09 points or 0.11%.

The PSX has seen a remarkable revival in 2024, rebounding after years of underperformance. Stocks have surged by 84.34%, making it the second-best-performing market globally, according to analysts.

Over the past 18 months, the PSX has been the top-performing market worldwide, achieving a 178% gain, marking the strongest performance in Pakistan’s 77-year history within such a timeframe.

“Despite this record rally, Pakistan stocks are still trading at an average forward P/E ratio of 6.3x, indicating significant potential for further growth,” remarked Muhammad Sohial, CEO of Topline Securities.

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In contrast, India’s benchmark indices were relatively flat on Wednesday, the first trading session of 2025, as analysts anticipate sideways movement in the markets until the quarterly earnings season begins next week. The Nifty 50 declined by 0.11% to 23,617.75 points, while the BSE Sensex fell by 0.09% to 78,057.81.

Other Asian markets also showed little movement, with the MSCI Asia ex-Japan index down 0.1%, as elevated U.S. Treasury yields continue to impact emerging markets.