PSX benchmark index up 4.5%WoW

The Pakistan Stock Exchange (PSX) extended its gains during the outgoing week amid ongoing diplomatic efforts to end the Middle East conflict, including Qatar-mediated US-Iran talks, and a decline in international oil prices. The benchmark gained 7,477 points, up 4.5%WoW, to close at 173,887 on Friday, November 06, 2026, with average trading volume recorded at 1,021 million shares, but still down 7%WoW.

The US midterm elections were held on Tuesday, with Democrats winning control of both houses of Congress, leading to hopes of reduced geopolitical tensions and eased interest rates.

Brent crude eased by 15.9%WoW to US$98.8/ bbl as of Friday.

On the macroeconomic front, CPI inflation eased to 9.6%YoY in October 26, 2026 translating into 4MFY27 average inflation of 10.1%YoY as compared to 4.7% in the same period last year.

The Government of Pakistan (GoP) raised PkR393 billion through the latest PIB auction against the target of PKR350 billion, while cut-off yields declined by 11bps/10bps for the 3/5-year tenors and remained unchanged for the 2/10-year tenors.

Foreign exchange reserves held by State Bank of Pakistan (SBP) increased to US$21.6 billion as of October 30, 2026.

Petrol and HSD prices were reduced by PKR25.3/ltr and PKR18.4/ltr to PKR352.6/ltr and PKR382.3/ltr, respectively.

Cement offtakes increased 0.4%YoY to 4.8 million tons in October 2026, with local sales supported by recovering construction activity while exports declined amid the continued Afghan border closure.

OMC offtakes rose 4%YoY to 1.6 million tons, led by higher RFO sales as RLNG supply disruptions shifted power generation to RFO.

Other major news flow during the week included: 1) IMF Executive Board meeting is expected next month, which could unlock around US$1.2 billion for Pakistan, 2) Pakistan LNG Limited issued tenders for two spot LNG cargoes, 3) GoP proposes LPG market reforms, 4) CPPA-G sought an increase of about 8% in the average power purchase price to PKR27.309/ kWh for CY27, and 5) Discos seek positive QTA adjustment of PKR1.34/kWh.

Top performing sectors were: Leasing, Modaraba, and Synthetic, while sectors that lagged the most were: Paper, Refinery, and Jute.

Major net buyers were Mutual Funds (US$27.8 million) and Companies (US$7.9 million). On the contrary, major selling was recorded by Banks (US$10.0 million) and Individuals (US$6.9 million).

Top performing scrips were: PSEL, PIOC, DGKC, GAL, and FCCL. On the other side, laggards included: CNERGY, ATRL, IMAGE, BWCL, and THCCL.

AKD Securities expects the market to improve on the back of strengthening economic indicators. Moreover, any positive development on Middle East conflict could moderate international oil prices and serve as a key trigger for market as it paves the way for monetary easing.

The market continues to trade at attractive valuations, with forward P/E of 6.3x. Our t

Top picks of the brokerage house include: OGDC, PPL, UBL, MEBL, HBL, FFC, ENGROH, PSO, LUCK, FCCL, INDU, ILP and SYS.

PSX benchmark index up 2.5%WoW

Pakistan Stock Exchange (PSX) staged a recovery during the outgoing week due to rejuvenation of diplomatic engagement to resolve the Middle East conflict, and higher than expected corporate earnings announced during the ongoing result season. The benchmark Index gained 4,034 points or 2.5%WoW to close at 166,409 on Friday, October 30, 2026. The average daily trading volume surged by 121%WoW to 1,095 million shares.

Driving the diplomatic momentum were Pakistan-proposed talks in Tehran between the Makkah Pact states and Iran, alongside reports of renewed US outreach to Iran ahead of the US midterm elections.

Meanwhile, supply concerns fueled by Houthi attacks on Saudi Arabia and tanker incidents near the Strait of Hormuz kept Brent crude elevated, up 0.7%WoW at US$117.1/ bbl as of Friday.

On the macroeconomic front, State Bank of Pakistan (SBP) raised the policy rate by 50bps to 12.0% (its first hike since April), while raising its FY27 remittances forecast to US$45 billion from US$44 billion and foreign exchange reserves forecast to US$23 billion end December 2026 and US$25 billion for end June 2027.

The SBP raised PKR1.8 trillion in the latest T-bills auction against a target of PKR1.7 trillion, with cut-off yields rising by 25-61bps across tenors.

Foreign exchange reserves held by SBP rose to US$21.5 billion as of October 23, 2026.

Other major news flow during the week included: 1) The US Federal Reserve holds interest rates steady, 2) Pakistan considers raising US$500 million via a second Panda bond in 2HFY27 without ADB/ AIIB guarantees, 3) Pakistan secures third LNG cargo from Qatar in October, 4) SIFC lines up US$40 billion investment pipeline across 38 projects, including a proposed US$6 billion refinery program, and 5) Pakistan seeks new US$600 million World Bank loan tied to structural and trade reforms.

Top performing sectors were Leasing, Transport, and Tobacco, while the lagged included Paper & Board, Apparel, and Jute.

Major net buyers were Other Organizations (US$50.9 million) and Individuals (US$7.3 million), major net sellers were Foreigners (US$60.6 million) and Insurance Companies (US$4.0 million).

Top performing scrips were: GHNI, CNERGY, TGL, KOHC, and COLG, while laggards included: PKGS, INIL, LCI, AGP, and IMAGE.

AKD Securities expects the market to improve on the back of strengthening economic indicators. Any positive development on Middle East conflict could moderate international oil prices and serve as a key trigger for market as it paves the way for monetary easing.

The market continues to trade at attractive valuations, with forward P/E of 6.0x.

Top picks of the brokerage house include: OGDC, PPL, UBL, MEBL, HBL, FFC, ENGROH, PSO, LUCK, FCCL, INDU, ILP and SYS.

PSX benchmark index declines 2.4%WoW

Pakistan Stock Exchange (PSX) experienced volatility during the outgoing week amid continued Houthi attacks on Saudi Arabia, with news of the US planning an attack on Iran after midterm elections.

The benchmark Index declined by 4,045 points or 2.4%WoW to close at 162,375 on Friday, October 23, 2026. Average daily trading volume declined by 13.4%WoW to 496 million shares.

Brent crude futures climbed by 6.4%WoW to US$114.9/ bbl as of Friday. Meanwhile, local HSD and Petrol prices declined attributed to a decline in refinery crack cap by authorities and relatively stable Dubai crude oil prices.

On the macroeconomic front, FY26 GDP growth revised slightly down to 3.65% from provisional estimates of 3.7% as compared to 3.1% in FY25.

The World Bank projected FY27 GDP growth at 3.8% and inflation at 8.2% (7.1% in FY26).

Foreign exchange reserves held by State Bank of Pakistan (SBP) increased to US$21.49 billion as of October 16, 2026.

Banking sector deposits rose 16%YoY to PKR40.8 trillion at end September 2026.

Consumer auto financing increased 33.6%YoY to PKR407 billion in September 2026 (up for the 22nd consecutive month).

Urea offtakes rose 42%YoY to 611,000 tons in September 2026 amid channel inventory build-up ahead of the Rabi season, whereas DAP offtakes declined 30%YoY to 68,000 tons amid higher local prices.

Power generation grew 6%YoY in 1QFY27 amid recovery in electricity consumption.

Cotton arrivals increased 8%YoY to 4.1 million bales as of October 15, 2026.

Other major news flow during the week included: 1) Finance Minister sought Fitch’s view on what Pakistan needs to move into the BB rating category, 2) Prime Minister approved the draft of Auto Policy for five years, 3) Weekly SPI rose 0.65%WoW and 11.85%YoY, 4) Privatization Commission pre-qualified 10 bidders for IESCO, and 5) Power sector circular debt rose to PKR1.7 trillion, while gas sector liabilities increased to PKR3.6 trillion as of Jun 30, 2026.

Top performing sectors were: Modarabas, Sugar & Allied Industries, and Leasing Companies, while laggards included: Refinery, Technology and Communication, and Woolen.

Major net selling was recorded by Mutual Funds (US$10.2 million) and foreigners (US$5.7 million), while major buyers were Individuals (US$14.0 million.

Top performing scrips were: THCCL, UPFL, PSEL, TPLRF1, and BWCL, while laggards included: PTC, PGLC, AHCL, ATRL, and KAPCO.

AKD Securities expects the market to improve on the back of strengthening economic indicators.

The brokerage house expected upcoming MPC meeting as a major catalyst and predicts the central bank to maintain the status quo.

Any positive development on Middle East conflict could moderate international oil prices and serve as a key trigger for market as it paves the way for monetary easing.

The market continues to trade at attractive valuations.

Top picks of the brokerage house include: OGDC, PPL, UBL, MEBL, HBL, FFC, ENGROH, PSO, LUCK, FCCL, INDU, ILP and SYS.

PSX benchmark index closes almost flat WoW, despite volatility

Pakistan Stock Exchange (PSX) witnessed volatility during the week ended on October 16, 2026, due to political uncertainty and persistent geopolitical tensions in the Middle East. The Index declined by 670 points to close at 166,420, down 0.4%WoW.

Brent crude price remained elevated amid continued disruptions to energy supplies through the Strait of Hormuz and renewed attacks on Saudi energy infrastructure.

On the macroeconomic front, Pakistan recorded a current account deficit (CAD) of US$356 million in September 2026, as compared to a surplus of US$123 million during the same period last year, reflecting some added pressure on the external account.

Remittances by overseas Pakistanis rose 13%YoY in September 2026 to US$3.6 billion.

The GoP raised PKR660 billion through the latest T-Bills auction, with yields remaining broadly stable following the sharp repricing in the previous auction.

Foreign exchange reserves held by State Bank of Pakistan (SBP) increased to US$21.47 billion as of October 09, 2026.

Passenger car sales declined by 9.8%YoY to 10,939 units in September 2026.

Textile exports grew by 5.2%YoY during 1QFY27, led by growth in ready-made garments, knitwear and cotton yarn.

Other major news flow during the week included: 1) FBR collection exceeded Q1 collection target, 2) IMF projected Pakistan’s GDP growth at 3.5% for FY27, while forecasting inflation at 9.9%, 3) Pakistan received first LNG cargo of October, 4) Refineries produced 92,482 tons of LPG in July-August, and 5) RDA attracted US$251 millio in September.

Leasing companies, Woolen, and Jute remained top performing sectors, while laggards included:  Apparel, Technology & Communication, and Transport.

Major selling was recorded by Mutual Funds amounting to US$10.7 million. On the contrary, major net buyers were Banks (US$8.3 million) and Companies with US$6.7 million.

Top performing scrips were: BNWM, AGP, IMAGE, BML, and JDWS, while laggards included: POL, PTC, APL, CPHL, and THCCL.

AKD Securities expects the market to improve on the back of strengthening economic indicators. Additionally, easing inflationary pressures would reduce probability of monetary tightening. Moreover, any positive development on Middle East conflict could moderate international oil prices and serve as a key trigger for market as it paves the way for monetary easing.

The market continues to trade at attractive valuations.

Top picks of the brokerage house include: OGDC, PPL, UBL, MEBL, HBL, FFC, ENGROH, PSO, LUCK, FCCL, INDU, ILP and SYS.

PSX benchmark index declines 0.6%WoW

Pakistan Stock Exchange (PSX) remained volatile during the week ended on October 09, 2026 amid continued attacks on key shipping routes. The benchmark Index declined by 1,066 points or 0.6%WoW to close at 167,089. Market activity also weakened, with average daily trading volume declining by 16.5%WoW to 541 million shares.

Meanwhile, Ukraine’s drone strikes on Russian refineries and concerns over US energy supplies amid Hurricane Isaias kept Brent oil prices above US$100/ bbl, despite improving traffic through the Strait of Hormuz and Trump’s claim that it would refrain from attacking Iran until the midterm elections scheduled for early November 2026.

The IMF reached a Staff-Level Agreement with Pakistan on the 4th review of EFF and 3rd review of RSF, acknowledging the Government’s policies in navigating the Middle East conflict.

Foreign exchange reserves held by State Bank of Pakistan (SBP) increased to US$21.5 billion as of October 02, 2026.

Pakistan raised PKR352 billion in the latest PIB auction, with yields rising across all tenors.

Banking sector deposits rose 14%YoY to PKR39.2 trillion at end August 2026.

Cement offtakes increased 6%YoY to 4.6 million tons in September 2026, reflecting improved local demand due to recovery in construction activity.

Cotton arrivals increased 5%YoY to 3.2 million bales during the same period.

Other major news flow during the week included: 1) Makkah defence alliance agrees to 'rapid force deployment' in Saudi Arabia, 2) GoP debt posts marginal decline to date, 3) GoP clears nine bidders for Gepco sale, 4) Bahrain working to 'speed up' approval of Pak-GCC free trade pact, and 5) Pakistan, Qatar agree to review LNG deal.

While the laggards were: Vanaspati & Allied Industries, Leasing companies, and Sugar, Textile spinning, Synthetic & Rayon, and Modarabas emerged top performers.

Major selling was recorded by Mutual Funds with US$17.6 million. On the contrary, net buyers were Individuals (US$11.4 million) and Companies (US$6.5 million).

Top performing scrips were: TGL, PSO, BML, AGP, and FCCL, while laggards included: SSOM, PGLC, CPHL, IMAGE, and PSX.

AKD Securities anticipates the market to improve on the back of strengthening economic indicators. Additionally, easing inflationary pressures would reduce probability of monetary tightening. Any positive development on Middle East conflict could moderate international oil prices and serve as a key trigger for market, paving the way for monetary easing.

The market continues to trade at attractive valuations. The top picks of the brokerage house include: OGDC, PPL, UBL, MEBL, HBL, FFC, ENGROH, PSO, LUCK, FCCL, INDU, ILP and SYS.

PSX benchmark index down 1.5%WoW

Pakistan Stock Exchange (PSX) remained under pressure during the week ended on Friday, October 02, 2026, as renewed uncertainty over the US-Iran conflict and elevated global energy prices continued to weigh on investor sentiment. The benchmark index witnessed erosion of 2,610 points or 1.5%WoW to close at 168,155.

Oil prices remained elevated for most of the week, touching US$105.3/ bbl, as supply chain concerns and China's suspension of oil product exports outweighed recovering Gulf crude flows.

Brent crude declined to US$99.5/ bbl in the concluding phase of the week amid growing pressure of the US on Europe to release diesel stocks.

September 2026 inflation was recorded at 10.3% as against 11.2% in August 2026 due to disinflationary pressure from food prices.

Trade deficit for September 2026 widened by 6%YoY to US$3.6 billion.

IMF mission formally began policy talks in Islamabad on the fourth EFF review and third RSF review, likely to result in the release of US$1.2 billion in combined disbursements.

FBR collected PKR3.1 trillion in 1QFY27, exceeding the IMF-agreed target by PKR13 billion.

State Bank of Pakistan (SBP) raised PKR853 billion via the T-Bills auction. The cutoff yields increased for all the tenors.

Other major news flow during the week included: 1) Finance Minister discussed potential US Export-Import Bank financing for Boeing aircraft, refinery upgrades and Reko Diq, 2) foreign exchange reserves held by SBP were reported at US$21.4 billion as of September 25, 2026, 3) SBP's net FX interventions were reported at US$841 million in June 2026, 4) GoP raised PKR46 billion and PKR72 billion in fixed/ variable Hybrid Sukuk auction, and 5) Gop plans to procure at least 25-26 LNG cargoes to meet winter gas demand.

Leading contributors were Vanaspati and Allied Industries, Synthetic and Rayon, and Modarabas, while sectors that lagged the most were Power, Inv. Cos., and Paper and Board.

Major buyers were Companies (US$5.2 million) and Individuals (US$4.5 million). On the contrary, major net selling was recorded by Mutual funds (US$6.1 million) and Brokers worthUS$2.3 million, respectively.

Top performing scrips were: SSOM, ii) BML, and ATRL, while laggards included: PSEL, FHAM, and NPL.

AKD Securities expects the market to improve on the back of strengthening economic indicators, with the upcoming IMF review to remain a key near-term catalyst.

A potential US-Iran deal could moderate international oil prices from current elevated levels. The market continues to trade at attractive valuations.

According to AKD Securities, the Index is anticipated to reach 263,800 by end December 2026.

Top picks of the brokerage house include: OGDC, PPL, UBL, MEBL, HBL, FFC, ENGROH, PSO, LUCK, FCCL, INDU, ILP and SYS.

 

 

PSX closes the week almost flat

Pakistan Stock Exchange (PSX) remained volatile during the week ended on September 25, 2026. The benchmark Index gained 372 points or 0.22%WoW to close the week at 170,885 points.

Yemeni Houthi attacks on Saudi Arabia's East-West Pipeline forced the closure of a key export route, pushing Brent crude to a 4-month high of US$109.7/bbl. However, oil prices eased during the final two days.

The index recovered on fading concerns over immediate Saudi supply disruptions, outweighing fears of a broader Middle East conflict.

The State Bank of Pakistan (SBP) kept the policy rate unchanged at 11.50% on Monday, in line with broad market consensus.

The current account deficit narrowed sharply by 70%YoY to US$98 million in August 2926.

Foreign exchange reserves held by SBP hit a record high of US$21.4 billion, pushing the country's import cover past three months for the first time in 5-Years.

Furthermore, yields on 3 and 6-month T-Bills declined in the last auction.

FDI increased by 80%YoY to US$316 billion during August 2026.

Auto industry sales increased by 11%YoY to 17,485 units in August 2026.

IT exports rose 17%YoY to US$394 million.

Other major news flow during the week included: 1) GoP presents IMF plan to retire PkR3.6tn gas-sector circular debt, 2) Pakistan eyes to seek an expansion of its 30-billion-yuan swap line with China, 3) Pakistan cotton arrivals rises by 19%YoY to 2.4 million bales as of September 3026, 4) Auto financing in August 2026 reached record high of PKR393 billion, and 5) GoP approves PKR75 billion subsidy for fuel relief scheme.

Leading sectors were: Synthetic and Rayon, Leasing Companies, and Real Estate Investment Trust, while laggards included: Textile Weaving, Paper and Board, and Leathers and Tanneries.

Major buyers were Individuals (US$11.0 million) and Banks (US$2.6 million). On the contrary, major selling was recorded by Mutual Funds (US$12.7 million) and Foreigners (US$3.4 million).

Top performing scrips were: PSEL, IBFL, and CPHL. On the other side, laggards included: GHNI, GAL, and NBP.

Pakistan’s leading brokerage house, AKD Securities expects the market to improve on the back of strengthening economic indicators, with the upcoming IMF review in the next week to remain a key near-term catalyst. A potential US-Iran deal could moderate international oil prices from current elevated levels.

The market continues to trade at attractive valuations. The brokerage house forecasts the benchmark Index to reach 263,800 by end December 2026.

Our top picks of the brokerage include OGDC, PPL, UBL, MEBL, HBL, FFC, ENGROH, PSO, LUCK, FCCL, INDU, ILP and SYS.