The Pakistan Stock Exchange (PSX) has hit record highs in recent weeks with its benchmark KSE-100 Index sitting pretty at over 130,000. It hit an all-time high of 131,949.07 on Friday, with analysts attributing the market’s record-breaking trajectory to aggressive institutional buying, strong earnings expectations, and positive macroeconomic indicators. With the growth of the KSE-100 – widely seen as a benchmark for market performance – Business Recorder is listing companies with the highest market capitalisation with the figure of $2 billion used as a qualification criterion. As of July 7, 2025, a total of five companies listed at the PSX have a market capitalisation of $2 billion or more. OGDC currently leads the list with a market cap of $3.46 billion. Oil and Gas Development Company Limited (OGDC) ($3.46 billion) Oil and Gas Development Company Limited (PSX:OGDC) is the largest exploration and production (E&P) company in Pakistan with operations including exploration, drilling operation services, production, reservoir management, and engineering support. The company has the most extensive exploration acreage in Pakistan, covering over 40% of the country’s total acreage awarded with net hydrocarbons of oil and gas. With over 67%, the Government of Pakistan is the largest shareholder in OGDC, followed by the OGDC Employee Empowerment Trust and Privatisation Commission of Pakistan. Its profile on the PSX says the company was incorporated on October 23, 1997 under the Companies Ordinance, 1984 (now the Companies Act, 2017). The company was established to undertake exploration and development of oil and gas resources, including production and sale of oil and gas and related activities formerly carried on by Oil and Gas Development Corporation, which was established in 1961. The market capitalisation of OGDC at the PSX stands at $3.46 billion. United Bank Limited (UBL) ($2.98 billion) Founded in 1959, United Bank Limited (UBL) is a banking company incorporated in Pakistan and is engaged in commercial banking and related services. The bank is a subsidiary of Bestway International Holdings Limited which is a wholly owned subsidiary of Bestway Group Limited. UBL operates one of the largest branch networks in Pakistan with over 1765+ branches and 1750+ ATMs along-with the bank’s branchless banking proposition, UBL Omni spread all over the country, according to the information available on its website. Bestway Group is a diversified multinational family-owned business with annualised turnover in excess of £4.5 billion. Starting off as a chain of retail convenience stores, the group has grown to become a diversified multinational business with interests across the wholesale, pharmacy, real estate, cement and banking sectors. The market capitalisation of UBL at the PSX stands at $2.98 billion. Mari Petroleum Company Limited (MARI) ($2.73 billion) By operating the country’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, Mari Petroleum Company Limited (PSX: MARI) is the second largest producer of natural gas. A public limited company incorporated in Pakistan in 1984, Mari Petroleum is an integrated oil and gas exploration and production company and around 70% exploration success rate, which is much higher than industry averages of around 33% national and 14% international. Mari’s key customers include fertiliser manufacturers, power generation companies, gas distribution companies; and refineries. The market capitalisation of MARI at the PSX stands at $2.73 billion. Meezan Bank Limited (MEBL) ($2.29 billion) Meezan Bank Limited (PSX:MEBL), Pakistan’s first and largest Islamic bank, is a public limited company incorporated in the country in 1997. The bank formally commenced its operations in 2002 after being issued the first-ever Islamic commercial banking licence by the State Bank of Pakistan. Currently, the bank is engaged in corporate, commercial, consumer, investment and retail banking activities. As per data available on the MEBL’s website, it has a retail banking network of more than 1,000 branches across the country. MEBL’s branch network is supported by banking services that include over 950 ATMs, VISA and MasterCard Debit cards, a call center, internet banking, mobile application and SMS banking facility. The market capitalisation of MEBL at the PSX stands at $2.29 billion. Fertilizer Company Limited (FFC) ($2.05 billion) Fauji Fertilizer Company Limited is incorporated in Pakistan as a public limited company. The company is engaged in the manufacturing, purchasing and marketing of fertilisers and chemicals. The company also undertakes investment in other fertiliser, chemicals, cement, food processing, energy generation and banking operations. As of December 31, 2024, FFC has a total of 1,423.109 million shares outstanding which are held by 29,400 shareholders. Associated companies, undertakings and related parties (Committee of Admin Fauji Foundation) have the majority stake of 43.51% in FFC followed by local general public holding 25.06% shares. Public sector companies and corporation account for 9.62% shares of FFC while banks, DFIs, NBFIs, Insurance, Pension Funds, Takaful and Modarabas collectively hold 9.02% shares. Around 2.39% of FFC’s shares are held by foreign companies. The remaining shares are held by other categories of shareholders. The market capitalisation of FFC at the PSX stands at $2.05 billion. Among other listed companies at the PSX several stocks boast market capitalisations exceeding $1 billion, including Lucky Cement (LUCK), Pakistan Petroleum Limited (PPL), and MCB Bank Limited (MCB), Colgate-Palmolive Pakistan (COLG), and Nestle Pakistan (NESTLE). Market capitalisation for each company was calculated on Monday, July 7, 2025 (10am). For the purpose of this calculation, the exchange rate was used at Rs283 to 1 US dollar.