KSE-100 record high: the 2023–2026 bull run in numbers
The KSE-100 closed at a record 189,166.83 on 23 Jan 2026. Calendar and fiscal-year returns, the 22.6% drawdown that followed, and the latest level.
The KSE-100 record high (KSE-100 ka record high) is a close of 189,166.83 points on 23 January 2026. The index ended 2022 at 40,420.45, so that close is 4.68 times the level of three years earlier. Since the record, the index fell to a closing low of 146,480.15 on 9 March 2026, which is 22.6% below the peak. The last close in the SuperX snapshot is 167,089.27 on 9 October 2026, which is 11.7% below the record and 14.1% above the March low. All index figures here come from the daily closes in the SuperX snapshot, as of 9 October 2026.
This post is a record of what happened, with the arithmetic shown. It makes no forecast and gives no view on what the index does next.
What is the KSE-100 record high?
The record is the highest daily close in the snapshot, which starts on 15 September 2016 and holds 2,495 closes. The peak is 189,166.83 on 23 January 2026, on volume of about 408 million shares. The index first closed above three round levels on these dates:
| Level crossed | First close above it | Close that day |
|---|---|---|
| 50,000 | 26 January 2017 | 50,192.36 |
| 100,000 | 28 November 2024 | 100,082.77 |
| 150,000 | 20 August 2025 | 150,591.00 |
| 180,000 | 5 January 2026 | 182,408.24 |
The step from 50,000 to 100,000 took almost eight years. The step from 100,000 to 150,000 took about nine months (28 November 2024 to 20 August 2025). For what the index measures and how it is built, read What is the KSE-100 index?. The KSE-100 page lists its constituents, and KSE-100 vs KMI-30 compares it with the Shariah index.
One caveat applies to every number below. PSX’s KSE-100 index brochure describes the headline KSE-100 as a total return index, meaning dividends, bonus shares and rights are adjusted for. PSX also publishes a price-return version, KSE100PR, which leaves dividends out. This post uses the headline index and shows the price-return version beside it where it matters. The KSE-100 heavyweights post explains which companies carry the most weight.
How much did the KSE-100 return each calendar year?
The table uses the last close of each year. The 2026 row is year to date, up to 9 October 2026.
| Calendar year | Opening close (prior year-end) | Closing level | KSE-100 return | KSE100PR return (price only) |
|---|---|---|---|---|
| 2022 | 44,596.07 | 40,420.45 | −9.4% | −14.2% |
| 2023 | 40,420.45 | 62,451.04 | +54.5% | +44.4% |
| 2024 | 62,451.04 | 115,126.90 | +84.3% | +75.5% |
| 2025 | 115,126.90 | 174,054.32 | +51.2% | +40.5% |
| 2026 (to 9 Oct) | 174,054.32 | 167,089.27 | −4.0% | −8.0% |
Three years of gains compound. From the 2022 close to the 2025 close, the index rose from 40,420.45 to 174,054.32, a gain of 330.6%. That is a multiple of 4.31. The 2024 figure of +84.3% is the largest calendar-year return in the table. The price-only series is lower in every row, by 4.0 to 10.7 percentage points, and the gap is the dividend effect.
The 2022 row is a reminder of the starting point. The index closed 2022 below its level at the end of 2021. Its lowest close between June 2022 and June 2023 is 38,342.21, on 17 January 2023. From that low to the record high, the index rose 4.93 times.
What were the fiscal-year returns?
Pakistan’s fiscal year runs from 1 July to 30 June, and many reports quote returns on that basis. The table uses the last close on or before 30 June. The snapshot has no close for 28 to 30 June 2023, so FY2023 ends on the last close it holds, 27 June 2023.
| Fiscal year | Start close | End close | Return |
|---|---|---|---|
| FY2022 | 47,356.02 | 41,540.83 | −12.3% |
| FY2023 | 41,540.83 | 41,452.69 | −0.2% |
| FY2024 | 41,452.69 | 78,444.96 | +89.2% |
| FY2025 | 78,444.96 | 125,627.31 | +60.1% |
| FY2026 | 125,627.31 | 180,301.70 | +43.5% |
| FY2027 (to 9 Oct) | 180,301.70 | 167,089.27 | −7.3% |
Calendar and fiscal years tell the same story with different edges. The index was flat across FY2023, then gained in each of the next three fiscal years. FY2027 opened near the highs and is negative so far. The two calendars differ because the record high fell in January 2026, in the middle of FY2026.
To see these returns for any period you choose, open the KSE-100 performance page.
How big was the 2026 drawdown?
The index peaked on 23 January 2026 and made its low for the year on 9 March 2026, 45 days later. Figures from the snapshot:
| Marker | Date | Close | Change from record |
|---|---|---|---|
| Record high | 23 Jan 2026 | 189,166.83 | 0.0% |
| Closing low after the record | 9 Mar 2026 | 146,480.15 | −22.6% |
| Latest close in the snapshot | 9 Oct 2026 | 167,089.27 | −11.7% |
The price-return index peaked on the same day, at 59,420.41. Its closing low was 45,291.47 on 30 March 2026, which is 23.8% below that peak, and its 9 October 2026 close of 50,289.49 is 15.4% below it. From the March low, the headline index regained 14.1% by 9 October 2026, over 214 days. A drawdown measures the distance from the highest point, not from the start of the year. The year-to-date figure of −4.0% and the drawdown of −11.7% describe the same index on the same day from different reference points.
The snapshot holds closes, not intraday prices, so intraday lows and highs differ from the numbers above. A drawdown says how far the index has fallen, not how long a fall lasts. For the daily limits on single shares, see the circuit breaker rules.
How many new investors joined during the run?
The Securities and Exchange Commission of Pakistan (SECP) reported on 9 July 2026 that the number of stock market investor accounts, counted by Unique Identification Number (UIN), rose from 392,775 on 1 July 2025 to 583,052 on 30 June 2026. That is 190,277 new investors, a rise of 48.4%, which the SECP described as the highest annual growth in the history of the capital market. The same release said 45% of new UINs registered from January to June 2026 belonged to people aged 18 to 30.
Source: APP, “Stock market investor accounts record historic 48% growth”, reporting the SECP statement. SuperX could not open the SECP PDF directly, so check the figures against the SECP website before you quote them. UIN totals for earlier years were not verified for this post, so it does not show a multi-year account series.
A UIN is not an active trader. One person can hold one UIN, but not every UIN trades. New accounts and a rising index happened in the same year. This post does not claim one caused the other. To open an account, see how to open a CDC account.
What was the policy rate during these years?
The State Bank of Pakistan (SBP) sets the policy rate. The dated facts below are the ones SuperX could confirm. They are context, not an explanation of the index.
| Date | Policy rate | Source |
|---|---|---|
| June 2023 | 22.00%, the all-time high | Trading Economics |
| 16 December 2025 | 10.5% after a 50 basis point cut, 1,150 basis points below the peak | Aaj News |
| 15 June 2026 | 11.5%, held | Trading Economics |
| 27 July 2026 | 11.5%, held | Trading Economics |
| 14 September 2026 | 11.5%, held | Trading Economics |
The rate moved from 10.5% to 11.5% between December 2025 and June 2026. News reports date the 100 basis point rise to April 2026. SuperX could not open the SBP pages to confirm that date, so check it on the SBP monetary policy page. The index peaked on 23 January 2026, before that rise, and reached its low on 9 March 2026, also before it. The dates are in the tables above.
Frequently asked questions
What is the KSE-100 all-time high?
The highest daily close in the SuperX snapshot is 189,166.83 points, set on 23 January 2026. The snapshot runs to 9 October 2026, and no close in it is higher.
How much did the KSE-100 return in 2024 and 2025?
The KSE-100 returned +84.3% in calendar 2024 (62,451.04 to 115,126.90) and +51.2% in calendar 2025 (115,126.90 to 174,054.32). The headline index adjusts for dividends. The price-only KSE100PR returned +75.5% and +40.5% in the same years.
How far did the KSE-100 fall after the record?
It fell 22.6% to a close of 146,480.15 on 9 March 2026. By 9 October 2026 it had recovered to 167,089.27, which is 11.7% below the record.
How many investors does Pakistan’s stock market have?
The SECP reported 583,052 investor accounts (UINs) on 30 June 2026, up from 392,775 on 1 July 2025. A UIN counts an account holder, not an active trader.
Does the KSE-100 include dividends?
The headline KSE-100 does, according to PSX’s brochure, which calls it a total return index. The separate KSE100PR index excludes dividends. Dividend history for each company is on the dividends page.
Try it
Open the index on the free chart terminal and set the range to see the 2024 climb, the 23 January 2026 record and the March low on one chart: KSE-100 on SuperX Charts. For the year-by-year returns behind this post, use the KSE-100 performance page.
Education, not investment advice.
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