PSX Achieves Record Highs: Top Companies by Market Capitalization

The Pakistan Stock Exchange (PSX) has seen unprecedented growth recently, with the KSE-100 Index exceeding 130,000 points. On Friday, it reached a peak of 131,949.07, which analysts attribute to significant institutional investment, robust profit forecasts, and favorable macroeconomic trends.

Given the KSE-100’s expansion, which is widely regarded as a barometer of market health, Business Recorder is presenting a roster of companies with the highest market capitalization, using $2 billion as the threshold.

As of July 7, 2025, five PSX-listed entities have a market capitalization of $2 billion or more. OGDC currently holds the top spot with a market capitalization of $3.46 billion.

Oil and Gas Development Company Limited (OGDC)

Oil and Gas Development Company Limited (PSX:OGDC) is Pakistan’s foremost exploration and production (E&P) firm, engaged in exploration, drilling, production, reservoir management, and engineering support. The company holds the largest exploration acreage in Pakistan, accounting for more than 40% of the country’s total awarded acreage for net hydrocarbons of oil and gas.

The Government of Pakistan is the primary shareholder in OGDC, possessing over 67% of the shares, followed by the OGDC Employee Empowerment Trust and Privatisation Commission of Pakistan.

According to its PSX profile, the company was established on October 23, 1997, under the Companies Ordinance, 1984 (now the Companies Act, 2017). It was created to manage the exploration and development of oil and gas resources, including production, sales, and related activities previously handled by the Oil and Gas Development Corporation, which was founded in 1961.

OGDC’s market capitalization on the PSX is $3.46 billion.

United Bank Limited (UBL)

Established in 1959, United Bank Limited (UBL) is a Pakistani banking corporation offering commercial banking and related services. The bank is a subsidiary of Bestway International Holdings Limited, itself a fully owned subsidiary of Bestway Group Limited.

UBL boasts one of Pakistan’s most extensive branch networks, with over 1765 branches and 1750 ATMs, along with its branchless banking service, UBL Omni, which is available nationwide, as stated on its website.

Bestway Group is a diverse, multinational, family-owned business with an annualized revenue exceeding £4.5 billion. Originating as a chain of retail convenience stores, the group has expanded into a diversified multinational enterprise with interests in wholesale, pharmacy, real estate, cement, and banking.

UBL’s market capitalization on the PSX is $2.98 billion.

Mari Petroleum Company Limited (MARI)

Mari Petroleum Company Limited (PSX: MARI), which operates Pakistan’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, is the second-largest producer of natural gas in the country.

Incorporated in Pakistan in 1984, Mari Petroleum is a public limited company operating as an integrated oil and gas exploration and production firm. It boasts an approximately 70% exploration success rate, which is significantly higher than the industry averages of around 33% nationally and 14% internationally.

Mari’s primary clientele includes fertilizer producers, power generation firms, gas distribution companies, and refineries.

The market capitalization of MARI on the PSX is $2.73 billion.

Meezan Bank Limited (MEBL)

Meezan Bank Limited (PSX:MEBL), Pakistan’s leading Islamic bank, was incorporated in the country as a public limited company in 1997.

The bank officially began operations in 2002, having received the first-ever Islamic commercial banking license from the State Bank of Pakistan. Currently, the bank is involved in corporate, commercial, consumer, investment, and retail banking activities.

According to data on MEBL’s website, it has a retail banking network exceeding 1,000 branches nationwide. This network is enhanced by banking services that include over 950 ATMs, VISA and MasterCard debit cards, a call center, internet banking, a mobile app, and SMS banking.

The market capitalization of MEBL on the PSX is $2.29 billion.

Fauji Fertilizer Company Limited (FFC)

Fauji Fertilizer Company Limited is established in Pakistan as a public limited company and is involved in the production, procurement, and sales of fertilizers and chemicals. The company also makes investments in other fertilizer, chemical, cement, food processing, energy generation, and banking ventures.

As of December 31, 2024, FFC had 1,423.109 million outstanding shares held by 29,400 shareholders. Associated companies, undertakings, and related parties (Committee of Admin Fauji Foundation) hold the majority stake at 43.51%, followed by the local general public with 25.06% of shares.

Public sector companies and corporations hold 9.62% of FFC’s shares, while banks, DFIs, NBFIs, insurance firms, pension funds, Takaful, and Modarabas collectively hold 9.02%. Approximately 2.39% of FFC’s shares are held by foreign companies. The remaining shares are held by other categories of shareholders.

FFC’s market capitalization on the PSX is $2.05 billion.

Several other PSX-listed firms also boast market capitalizations above $1 billion, including Lucky Cement (LUCK), Pakistan Petroleum Limited (PPL), MCB Bank Limited (MCB), Colgate-Palmolive Pakistan (COLG), and Nestle Pakistan (NESTLE).

Market capitalization figures were computed on Monday, July 7, 2025 (10am).

For calculation purposes, an exchange rate of Rs283 to 1 US dollar was applied.