K-Electric (KEL), the sole power distributor for Karachi, witnessed a sharp 7.58% surge in its share price on February 6, 2026, closing at Rs8.94 per share. This rally occurred on the same day the company announced the resignation of its long-serving CEO, Moonis Alvi, via a formal disclosure to the Pakistan Stock Exchange (PSX).
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The stock hit an intra-day high of Rs9.16 — its highest level in the past 52 weeks — amid exceptionally high trading volume exceeding 517 million shares. While the broader KSE-100 index declined nearly 2%, K-Electric bucked the trend, drawing significant investor interest.
CEO Resignation Details
Moonis Alvi, who joined K-Electric in 2008 and served as CEO since June 2018 (reappointed in July 2025), stepped down after nearly 18 years with the utility. In a statement posted on X, he described his tenure as an honor, pledging support for a smooth transition.
The board, chaired by Mark Gerard Skelton, accepted the resignation and shortlisted three candidates for the role. A board meeting is scheduled for February 10, 2026, to finalize the successor.
Market Reaction and Implications
Analysts attribute the price jump to investor optimism about fresh leadership and potential strategic shifts. Muhammad Awais Ashraf of AKD Securities noted the rise aligned with hopes of a new management era. Positive sentiment was further fueled by K-Electric’s recent warning to the federal Power Division to halt tariff review actions, backed by Sindh High Court interim orders.
Alvi’s exit follows months of controversy, including a now-overturned Ombudsman order on workplace harassment allegations. The leadership change may influence future governance, tariff negotiations, and operational stability for Karachi’s power supply.