- Macro stabilisation bearing fruit: The FY24 budget was explicitly designed to secure IMF support. Combined with currency stability, it restored investor confidence.
- Corporate earnings explosion: Record profits in 2023–2024 signal genuine fundamental strength, not just speculation.
- Foreign inflows returning: Highest FIPI in a decade shows global funds are noticing.
- Undervaluation catch-up: After years of underperformance relative to regional peers, the market was trading at compelling multiples.
- Structural tailwinds: Rising IPO activity, higher trading volumes, and improved liquidity all point to a maturing market.
Most importantly, the PSX has repeatedly proven its resilience. It delivered world-class returns during global crises (COVID-19), regional underperformance, and domestic political turbulence. When global markets were weak or modest, Pakistan often stood out.
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