KARACHI: With the last trading session remaining, the benchmark of major shares listed on the Pakistan Stock Exchange went up 54 per cent in rupee terms during 2023 while the total value of all shares surged 39pc to Rs9 trillion.

The best performing sectors in the outgoing year were refinery, chemical and power generation with a respective increase in their market capitalisation of 88pc, 73pc and 65pc, according to an analysis of year-long data by Topline Securities Ltd on Thursday.

In contrast, property, modarabas and textile spinning remained the worst performing sectors as they posted declines of 24pc, 11pc and 7pc, respectively.

The refinery sector posted a strong performance, which was driven by the expectations about the refinery policy.

The chemical sector also exhibited a strong trend led by Colgate-Palmolive Pakistan Ltd, which announced bonus shares leading to a 147pc increase in the firm’s market capitalisation in 2023.

The power generation sector’s performance was led by a rally in the Hub Power Company Ltd with its market capitalisation going up 88pc. K-Electric Ltd also saw a 76pc increase in its market price.

As for the top performing stock within the KSE-100 index, a less traded firm by the name of Pak-Gulf Leasing Company remained the best stock in 2023. Its share gained 175pc in the outgoing year mainly because of a dividend of Rs3.50 per share and an 85pc bonus in 2023.

This was followed by Attock Refinery Ltd, which went up 139pc owing to a low valuation, expectations about the refinery policy and profitability growth of 49pc year-on-year in the first nine months of 2023.

Pakgen Power Ltd gained 123pc in 2023 due to a one-time bumper dividend of Rs15 per share in June. Standard Chartered Bank Pakistan Ltd and Pioneer Cement were also up due to significant profitability growth of 121pc and 262pc, respectively, in the first three quarters of 2023.

The Hub Power Company Ltd gained 119pc partly because of a pay-out of Rs19.50 per share and the expected resolution of the circular debt.

Published in Dawn, December 29th, 2023