Pakistan stock market surges 125% in 20 months

Pakistan’s stock market has outperformed all major global indexes in recent months, with the benchmark KSE-100 Index gaining a staggering 125% since January 2024, according to Kamran Khan.

In his vlog, Khan described the Pakistan Stock Exchange (PSX) as a “profit-making machine,” driven by strong fundamentals and growing investor confidence.

The index rose from 64,661 points on Jan. 1, 2024, to over 146,000 points by early August 2025. During the first 39 days of the current fiscal year alone, the market has delivered a return of 26%.

“To put it simply, if someone invested PKR 1 million on January 1, 2024, their investment would now be worth over PKR 2.25 million,” Khan said. “That kind of return is hard to find in any other business.”

Khan added that PSX’s rise has also drawn international attention. In dollar terms, the exchange provided a 55.5% return in the last fiscal year, making it the world’s top-performing emerging market.

By comparison, India’s BSE Sensex delivered just 3.2%, Japan’s Nikkei 12.8%, Nasdaq 14%, Shanghai 14.8%, the UK’s FTSE 18.4%, and Singapore’s index 26.5%.

Khan noted that while many Pakistanis prefer holding dollars to guard against inflation, PSX has outperformed even foreign currency. The interbank exchange rate changed only slightly from PKR 281 to PKR 282.5 during this period, offering virtually no gain to dollar holders.

Gold, another popular investment, has also lagged behind. From PKR 219,000 per tola in January 2024, gold rose to PKR 362,000 — a 65% increase. PSX nearly doubled that gain.

Real estate trends remain unclear, but Khan said it is evident that PSX has surpassed property returns in recent months.

Remarkably, the market’s performance held steady through geopolitical tensions, including a brief conflict between Pakistan and India and the Iran-Israel standoff.

Khan credited macroeconomic stability under the IMF program and strong state commitment to reform. He said Army Chief Field Marshal Asim Munir is leading the “economic recovery mission” from the front.

“Exchange rates, remittances, foreign reserves, and the current account are all moving in the right direction,” Khan said, adding that inflation has dropped tenfold and interest rates are down by 100%.

“These indicators reflect a new commitment, a new strategy, and a new economic discipline,” he concluded.