The Pakistan Stock Exchange has surged to unprecedented levels, underscoring renewed investor confidence driven by institutional buying, robust corporate earnings forecasts, and stabilizing economic indicators. As of July 7, 2025, the PSX’s benchmark KSE-100 Index stands comfortably above 130,000 points, reaching a historic peak of 131,949.07. This bullish momentum has not only redefined benchmarks but also propelled several heavyweight companies to new market valuations.
Latest data reveals that five companies listed on the PSX now command market capitalisations exceeding $2 billion, reflecting the depth and scale of Pakistan’s capital markets amid an improving macroeconomic backdrop. Leading the pack is Oil and Gas Development Company Limited (OGDC), which has attained a market cap of $3.46 billion. As Pakistan’s premier exploration and production entity, OGDC holds over 40 percent of the nation’s awarded exploration acreage and plays a pivotal role in securing the country’s energy needs. The government maintains a controlling interest in OGDC, complemented by stakes held by the OGDC Employee Empowerment Trust and the Privatisation Commission of Pakistan.
Close on OGDC’s heels is United Bank Limited (UBL) with a market cap of $2.98 billion. Established in 1959, UBL is one of Pakistan’s largest and most technologically advanced banking institutions. With a vast footprint of more than 1,765 branches and a dynamic branchless banking platform, UBL Omni, the bank continues to strengthen its position. Owned by the diversified Bestway Group, UBL’s growth narrative ties closely with rising digital adoption and an expanding portfolio across retail and corporate banking segments.
Mari Petroleum Company Limited (MARI), valued at $2.73 billion, underscores the strength of Pakistan’s upstream energy sector. As the operator of the country’s largest gas reservoir at the Mari Gas Field in Daharki, Sindh, MARI boasts an exploration success rate significantly surpassing both national and global averages. This strong performance has established MARI as the second-largest natural gas producer in Pakistan, supplying critical volumes to fertiliser producers, power generators, and gas distributors.
Meezan Bank Limited (MEBL) holds a market cap of $2.29 billion, cementing its place as Pakistan’s leading Islamic bank. Incorporated in 1997 and commencing operations in 2002, Meezan Bank was granted the country’s first Islamic commercial banking license. With a nationwide network exceeding 1,000 branches, supported by an array of digital channels and payment solutions, MEBL has been a driving force behind the mainstreaming of Shariah-compliant banking.
Fauji Fertilizer Company Limited (FFC), with a market capitalisation of $2.05 billion, rounds off the list. As Pakistan’s foremost fertiliser manufacturer, FFC plays an essential role in supporting the country’s agriculture-driven economy. With majority ownership by the Fauji Foundation and substantial holdings by public sector corporations, local investors, and foreign companies, FFC remains a bellwether for Pakistan’s industrial landscape.
Beyond these five giants, several other PSX-listed companies maintain valuations above the $1 billion threshold, including prominent names like Lucky Cement, Pakistan Petroleum Limited, MCB Bank, Colgate-Palmolive Pakistan, and Nestle Pakistan.
Analysts see these rising valuations as more than just stock market enthusiasm. They signal investor trust in Pakistan’s corporate fundamentals and the broader economic outlook. With the PSX riding high, underpinned by fiscal consolidation, stable inflation, and growing foreign exchange reserves, the stage appears set for further capital market development and deeper investor participation.