​Pakistan Stock Exchange becomes world's 2nd best performing market

Pakistan has emerged as the second-best performing stock market in the world, delivering a 53.6% return since January, according to a foreign investment firm's data.

The top spot goes to Argentina's S&P Merval $ Index, with an 80% return. Pakistan's strong performance is attributed to reduced inflation, a stable currency, and support from international donor agencies, which have acknowledged the country's macroeconomic improvements.

The S&P 500 Index (US) ranks third with a 23.1% return, followed by the Nasdaq-100 (US) with a 21.2% return, and Taiwan's Strait Times $ Index in fifth place with a 19.4% return since January.

India's Nifty 500 $ Index is in 11th place with an 11.4% return, while China's index ranks 12th with a 10% return since the start of the year.

The tope five stock contributors to index in 2024 so far include Fauji Fertilizer, United Bank, Engro Fertilizers, Mari Petroleum Company and Oil & Gas Development Company contributing a cumulative of 32,545 points.