“Ik vari fer history made!” — the Pakistan Stock Exchange (PSX) just shattered another ceiling as the benchmark KSE-100 Index crossed 172,000 points for the first time ever. In 2025 alone, the index has delivered over 47% year-to-date returns, building on a blistering 60% gain in the previous 12 months. For perspective, silver is up 90% over a similar recent period, while GDX (the gold miners ETF) has roughly doubled that at around 130–180%.
Finance textbooks warn: “Past performance is no guarantee of future results.” But as Mark Twain observed, “History doesn’t repeat itself, but it often rhymes.” And right now, Pakistan’s stock market is rhyming louder than ever.
This isn’t just another bull run. It’s a multi-year resurrection story that has repeatedly placed the PSX among the world’s top-performing markets — often when global investors weren’t even looking.
The Numbers That Demand Attention
Let’s start with the hard data.
- FY24 (ended June 2024): KSE-100 closed at a record 78,000 points, delivering 89% YoY returns in PKR terms (a 21-year high) and an astonishing 94% in dollar terms — crowning Pakistan the world’s best-performing market that year.
- Market capitalization hit an all-time closing high of PKR 10.4 trillion.
- The Pakistani rupee appreciated by PKR 7.6, closing FY24 at 278.34 (+3% vs USD).
- Foreign portfolio inflow (FIPI) reached USD 139 million — the highest since FY14.
- IPO activity surged to five listings, up from just one the prior year.
By mid-2024, Pakistan was leading Asian equity markets:
