A. Background

This refers to the following Important QCs in trail, blue, italic and after double line (a) BFIC352 of 5.1.26 about Capital Markets - Almeezan Investors' Magazine Jan-Dec 2025

B. Updated Commentary

1. Further to KQU 3724 of 3.1.26, being an Important matter, we would inform you about PSX isn’t just keeping up — it’s outperforming most regional markets (Attachment 353.1) in the ensuing paragraph, with emphasis in bold & Underline for quick reading.

2. PSX isn’t just keeping up — it’s outperforming most regional markets. For the third consecutive year, KSE-100 delivered double digit returns, making Pakistan's stock market as one of the best performing markets globally.

C. Regional Equity Market Performance – PSX

• South Korea: 75.63% (Top performer)

• Pakistan (PSX): 50.34% 2nd Best in the region

• MSCI Frontier: 47.48%

• Sri Lanka: 41.72%

• Hong Kong: 32.51%

• Singapore: 28.57%

• Japan: 25.46%

• Indonesia: 22.13%

• China: 18.41%

• UAE: 17.22%

• Türkiye: 14.56%

• India: 10.38%

• Malaysia: 6.63%

• Thailand: -5.98%

• Saudi Arabia: -12.84%

3. Pakistan Stock Exchange (PSX) has outperformed most regional and emerging markets, ranking among the top gainers.

D. Kasbati & Co Views

1. While investing in shares, be careful as this is a very volatile and high risk market for the short-term investors and those who do not know much about the same.

2. The Investor should also take care that the entity or he is investing in Shariah Compliant Shares, for which he can readily see Karachi Meezan Index (KMI) All Index and KMI 30 Index. 

3. We hope that your Goodself will be aware that KMI is a Shariah-Compliant Stock Market Index of the Pakistan Stock Exchange, developed in collaboration with Meezan Bank.

4. Key points are as follows:

• Includes Shariah-compliant listed companies only
• Widely used by Islamic investors and funds
• Common variants:
  • KMI-30 (top 30 Shariah-compliant companies)
  • KMI All Share Index

E. Further Details & Services

Should you require any clarification or explanations in respect of the above or otherwise, please feel free to email Mr Amsal at amsal@kasbati.co with CC to info.kasbati@professional-excellence.com.