KARACHI: Leading brokerage house Taurus Securities Limited has issued a highly bullish “Pakistan Investment Outlook 2026” report, projecting the KSE-100 index to reach 206,000 points by December 2026, implying a total return of 30% (24% price appreciation + 6% dividend yield) from current levels.
The flagship index has already delivered ~45% return CYTD 2025, touching an all-time high of 169,989 in early October and currently trading around 166,678, making PSX one of the top-performing markets globally.
Taurus attributes the ongoing three-year bull run to sharp reduction in political risk, successful continuation of IMF reforms, monetary easing, stable rupee, improving corporate earnings (especially cyclicals) and strong local buying that absorbed over $360 million of foreign selling since 2023.
Despite the index now trading near its 10-year average forward P/E of ~8x, the house believes valuations remain attractive given the ongoing macroeconomic recovery, pending positive triggers (circular debt resolution, 2nd IMF EFF tranche in early December), and significant discount to regional peers and Pakistan’s own FY12-15 growth cycle.
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