KMI-30 Index Surges 7.16% as Islamic Equities Witness Record Inflows

While the broader market was on fire, the Shariah-compliant KMI-30 index managed to outshine even the KSE-100. On March 10, 2026, the KMI-30 surged by a breathtaking 7.16%, adding 15,030.17 points to close at 225,069.58. This move signifies a major shift in investor preference toward Shariah-compliant blue chips, which have shown remarkable resilience throughout the current fiscal year.

​The day started with the index opening at 226,157.81. Although it dipped to an intraday low of 224,376.52, the recovery was swift and aggressive, reaching an intraday high of 228,251.25. The high volume of 124.56 million shares for the KMI-30 constituents indicates that Islamic mutual funds and private Shariah-conscious investors were the primary drivers of this liquidity.

​Sectoral Deep Dive

The “Pullers” list for the KMI-30 reads like a “who’s who” of Pakistan’s industrial elite. Engro Corporation (ENGROH) was the star performer, adding 2,245.48 points alone. This was followed by the fertilizer giant FFC, which contributed 1,932.66 points. The energy sector remained a favorite, with HUBC adding 1,612.84 points to the Shariah index.

​Financial institutions weren’t left behind either. Meezan Bank (MEBL), the country’s premier Islamic bank, added 1,521.82 points, while Lucky Cement (LUCK) contributed 1,493.66 points. The synergy between fertilizers, energy, and Islamic banking created a “perfect storm” of bullishness that was impossible for the bears to contain.

​Bridging the Gap

Despite the euphoria, the KMI-30 still carries a CYTD (Calendar Year to Date) loss of 9.44%. However, the FYTD (Fiscal Year to Date) gain of 21.73% tells a story of a market that has been steadily recovering since July. Today’s 7% jump has effectively wiped out weeks of sluggish trading.

​”Today was a masterclass in value investing,” noted a portfolio manager. “When you see volumes like 124 million on the Shariah index, it means the ‘smart money’ is moving. They aren’t just buying stocks; they are buying the future of the Pakistani industrial base.”