Which are the most valuable companies of Pakistan?

Pakistan Stock Market (PSX) has almost doubled its value in the past year.

On October 9, 2024, the market was at 85,669.27 points. Now it’s over 166,000 points — an increase of more than 80,000 points.

This bonanza has benefited investors who made heavy returns — more than any other asset — on their investments. Meanwhile, the companies have also cashed in on the gold rush, and their market capitalization saw a dramatic upward adjustment as a result of this glut of liquidity.

In 2025, at least 10 companies joined the billion-dollar club as their market cap surged due to the rise in stock prices, taking the total number of companies to 20. In 2024, only 10 companies listed in the PSX had a market cap of over a billion dollars.

Oil and Gas Development Company (OGDC) has remained Pakistan’s most valuable company since 2023. In 2025, the company ranked at the top with a market cap of 4.3 billion dollars. The second most valuable is United Bank Limited (UBL), with a market cap of 3.5 billion dollars. In third place is Mari Petroleum Company Limited (Mari Energies), valued at 3.4 billion dollars. At number four is Meezan Bank Limited (MEBL), with a market cap of 3.1 billion dollars. In fifth place is Lucky Cement Limited (LUCK), with a market cap of 2.5 billion dollars.

Coming in sixth is Fauji Fertilizer Company (FFC), with a market cap of 2.3 billion dollars. Next is Pakistan Petroleum Limited (PPL), with a valuation of 2 billion dollars.

Other companies part of Pakistan’s billion-dollar club are National Bank of Pakistan (NBP), Habib Bank Limited (HBL), Muslim Commercial Bank (MCB), Pakistan Tobacco Company Limited (PAKT), Bestway Cement Limited (BWCL), Colgate-Palmolive Pakistan (COLG), Engro Holdings Limited (ENGROH), Fatima Fertilizers (FATIMA), Engro Fertilizers (EFERT), Hub Power Company (HUBC), and Standard Chartered Bank Pakistan (SCBL).

These companies have a market cap ranging between 1 and 1.7 billion dollars.

Improved economic indicators

The valuation of these companies has benefited from Pakistan’s improving economic indicators since last year.

In 2022 and 2023, Pakistan faced extremely high inflation with the monthly Consumer Price Index (CPI) hitting its highest-ever range of 25-30%. However, since mid-2024, inflation has been on a downward trend.

But by mid-2025, inflation has come down significantly to single digits, averaging around 6-8% in recent months.

The inflation dip prompted the State Bank of Pakistan to reduce interest rates, which had been raised to a record 22% to cool down the inflation.

Since June 2024, the interest rate has gradually been reduced to 11%, half of what it was during peak inflation.

The lower interest rate also made bank deposits a less lucrative investment option. As the profit on deposits dipped, investors were forced to look elsewhere for better returns.

As money flowed into the PSX, share prices of listed companies surged. It increased the market capitalization of many companies, pushing them into the billion-dollar club.