KSE-100 reigns supreme over gold, dollar, bitcoin

July 03, 2026 (MLN): KSE-100 left gold, the dollar and Bitcoin in the dust in FY26, posting a 44% gain against 22% for gold, a 2% dip for the dollar, and a 42% slump for Bitcoin cementing its place as Pakistan's best-performing asset class, according to data compiled under the Mettis Global’s pool.

The rally was driven mainly by macro stabilization under the IMF programme, falling interest rates and improving external-account metrics.

A Saudi defence pact in September 2025 and steady economic indicators supported early sentiment, even as floods and rising Pakistan-Afghanistan border tensions added intermittent caution.

The IMF Executive Board's tranche approval in December 2025 reinforced the stabilisation narrative that carried the index through a 38.55% first-half return.

Pakistan's $3.5 billion UAE deposit repayment in April added further pressure, but this was offset by fresh Saudi support and a return to international debt markets via a $750 million Eurobond and $250 million Panda bond.

A US-Iran ceasefire and record $4.3 billion in May remittances then powered the index back toward the 180,000-point level by year-end.

Economically, FY26 saw GDP grow 3.7% and large-scale manufacturing rebound 6.4%, even as inflation rose to 11.1% and the policy rate held at 11.5%.

The current account swung to surplus on record remittances, and FX reserves recovered to around $16 billion.

Fiscal consolidation continued with the FY27 budget, extending austerity and IMF-linked reforms, while Pakistan's Eurobond and Panda Bond issuances and the privatization of PIA reinforced investor confidence.

5 Years at a Glance

 SOURCE: Mettis Global, PSX , SBP

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