Pakistan posts 'massive' 86% share rally against all odds

Benchmark stock index emerges as one of world's top-performing markets this year

Pakistan's Karachi-based stock exchange has been dogged by its reputation as a playground for the wealthy that is prone to manipulation. © Reuters

ASHRAF KHAN, Contributing writer

December 25, 2024 15:00 JST

KARACHI -- Pakistani investor Faayz Khan ventured into the local market keeping a close eye on financial news and armed with technical stock analysis tools. The IT engineer's returns were underwhelming at first, and doubts crept in about a market prone to manipulation and wild volatility.

But the 24-year-old's initial disappointment turned to euphoria when the benchmark index unexpectedly soared in 2024, turning it into one of the world's top-performing markets -- despite a weak economy and waves of political upheaval.