PSX averages daily trading volume declines by 26%WoW

Pakistan Stock Exchange (PSX) remained subdued during this past week, with the escalation of the US-Iran conflict, now in its seventh month, being the primary headwind, following US strikes on Iran and subsequent Iranian retaliatory strikes on US air bases in the region. Market activity also weakened, with average daily trading volume declining by 26%WoW to 971 million shares.

Consequently, Brent crude surged to a six-week high of US$97.6/ bbl during the week, while the benchmark Index declined 2,368 points, down 1.3%WoW to close at 175,329.

However, negative sentiments were partially offset by Pakistan’s record US$3 billion dual-tranche Eurobond issuance, which achieved the lowest spreads over US Treasuries in two decades and marked the country’s largest-ever international capital market transaction.

Trade deficit widened 10%YoY to US$3.2 billion in August 2026, although it narrowed 20%MoM despite higher international oil prices.

CPI for August 2026 accelerated to 11.1%YoY (9.2%YoY in June 2026) on higher Transport and Food prices.

FBR surpassed its 2MFY27 revenue target by PKR12 billion, while the government raised PKR657 billion through T-Bill auctions, with yields ranging between 11.39% and 11.99% across tenors.

Cement dispatches edged down 0.7%YoY to 4.0 million tons amid monsoon rains, while petroleum offtakes declined 3%YoY to 1.3 million tons due to transporters strikes.

Other major news flow during the week included: 1) Pakistan to head joint defence secretariat under Makkah Defence Alliance, 2) GoP made record PKR1.2 trillion early repayment of central bank debt, 3) IMF cites Pakistan as model for debt, growth and reform drive, 4) Cotton arrivals rose 27%YoY to 1.7 million bales in August 2026, and 5) foreign exchange reserves held by SBP rose modestly to US$17.1 billion as of August 28, 2026.

Top performing sectors were Textile Composites and Refineries, while the laggards included Banks, Pharmaceuticals, and Technology.

Major selling was recorded by Mutual Funds (US$18.1 million) and Foreigners (US$7.4 million). Net buyers were Individuals with US$16.6 million.

Top performing scrips were: PGLC, THALL, EFERT, TPLRF1, and ILP, while laggards included: PSEL, SCBPL, SRVI, KOHC, and BAHL.

AKD Securities expects the market to improve on the back of strengthening economic indicators and a strong fiscal position, while moderating inflation should increase the likelihood of interest rates returning to single digits by year-end.

Additionally, a potential US Iran deal could moderate international oil prices towards pre-conflict levels. 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 Posts Paltry 0.3%WoW Gain

Pakistan Stock Exchange (PSX) remained range bound during the week ended on August 28, 2026.The benchmark Index posted 0.3%WoW gain to close at 177,697 points. Market activity improved, with the average daily traded volume rising by 24.7%WoW to 1.3 billion shares, as compared to 1.1 billion in the previous week.

Moody’s one-notch upgrade of Pakistan’s sovereign rating to B3 due to improvements in governance, provided a modest boost to investors’ sentiment.

The US-Iran situation remained under control, keeping oil prices below US$90/ bbl on Friday’s close, as Iran continued separate discussions with Oman and Qatar aimed at facilitating the reopening of the Strait of Hormuz.

Foreign exchange reserves held by State Bank of Pakistan (SBP) rose modestly to US$17.1 billion as of August 21, 2026.

Central bank transferred PKR1.9 trillion in profits to the Federal Government, PKR496 billion higher than the budgeted transfer.

Banking sector deposits rose by 14% YoY to PkR39.1 trillion as of end July 2026.

Other major news flow during the week included: 1) Saudi team and Prime Minister discuss investment in agriculture, real estate, energy and IT, 2) new SPV established for the privatization of three Discos, 3) Refineries to sign upgrade deals within 10 days, 4) Pakistan received US$763 million loans, grants in July this year, and 5) Government. introduces a performance based rebate on incremental exports.

Top performing sectors were: Textile Composite, FMCG, and Power, while sectors that lagged the most were: OMCs, Inv. Cos., and Technology.

Major net buying was recorded by Mutual Funds (US$6.2 million) and Companies with (US$4.3 million). Major net sellers were Foreigners with US$10.6 million.

Top performing scrips were: AICL, THALL, KTML, POWER, and ABOT, while laggards included: PGLC, SRVI, TRG, NBP, and HMB.

AKD Securities expects market to improve on strengthening economic indicators amid easing geopolitical tensions. A potential US-Iran deal could moderate international oil prices. 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 index remains under pressure

Pakistan Stock Exchange (PSX) remained under pressure during the week ended on August 21, 2026. The benchmark Index closed at 177,167. Total Market capitalization also contracted to US$71.6 billion from US$72.5 billion last week.

The average daily trading volume edged up marginally by 0.3%WoW to 1,053.4 million shares, as compared to 1,050.5 million shares in the previous week.

The dominant driver remained the unresolved US-Iran conflict, now approaching six months since first strikes began on February 28.

Brent crude posted its second consecutive weekly gain, up over 6%WoW to US$94.2/ bbl, with neither side making any effort to restart talks after the 60-day ceasefire expired.

The current account deficit narrowed to US$328 million in July 2026, down 38%YoY, aided by rebound in goods exports and strong remittance flows.

State Bank of Pakistan (SBP) raised PKR518 billion through T-Bills, with yields ranging between 11.47%-11.99% across all tenors.

On the sectoral front, Urea offtakes declined 5%YoY and DAP 10%YoY in July 2026, while IT exports recorded 18%YoY increase to US$417 million.

Other major news flow during the week included: 1) Pakistan scrambles to secure Qatar LNG cargo by August, 25 as spot prices surged, 2) LSM index rose 5%YoY in FY26, 3) Pakistan pushes China B2B deals from MoUs to investments & exports, 4) Circular debt jumps by PKR364 billion in FY26, and 5) Pakistan, Norway agree to enhance ties in various sectors.

Top performing sectors were: Refinery, OMC, and E&P, while Banks, Power, and Textile Composite were the laggards.

Major selling was recorded by Banks and Mutual Funds with US$14.5 million and US$10.6 million, respectively. Major buyers were Individuals with US$17.5 million.

Top performing scrips were: PGLC, ATRL, PSO, INIL, and CNERGY, while laggards included THALL, CHCC, TGL, PABC, and PAEL.

AKD Securities expects the market to improve on strengthening economic indicators amid easing geopolitical tensions, along with favorable financial results for June 2026.

Additionally, a potential US-Iran deal could moderate international oil prices towards pre-conflict levels.

Market continues to trade at attractive valuations.

The brokerage house forecasts the Index 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 benchmark index closes almost flat

Pakistan Stock Exchange (PSX) remained under pressure during the week ended on August 13, 2026, primarily due to uncertainty surrounding the US-Iran deal and reopening of Strait of Hormuz. The benchmark index dropped by 1,325 points or 0.7%WoW to close at 180,105 on Thursday. However, market participation improved, with average daily traded volume increasing by 13%WoW to 1.1 billion share.

Oil prices remained elevated. Brent crude crossed US$90/ bbl mark during the week, up from last week’s close of US$84/ bbl, before correcting to current level of US$86/bbl.

Healthy corporate results and positive external and macro developments provided some support to investors’ confidence.

On last Friday, Pakistan signed a mutual defence agreement with Turkiye and Saudi Arabia, extending its earlier pact with the Royal Kingdom.

Fiscal deficit for FY26 was record at a low of 2.6% of GDP, while primary surplus at record high 2.9% of GDP, driven by higher tax revenue and lower markup expenses amid declining interest rates. Consequently, GoP’s debt recorded its lowest annual rise in two decades.

Workers’ remittances increased by 13%YoY to US$3.6 billion during July 2026.

On the sectoral front, auto sales increased by 74%YoY, supported by strong demand.

Other major news flow during the week included: 1) Pakistan to open new gateway for global oil suppliers, 2) FBR hints at withdrawing super tax, 3) Cotton crop satisfactory, rice beats target in Punjab, and 4) Minister calls for auto sector revival to meet US$63 billion export target.

Refinery and Oil & Gas Exploration emerged as top performing sectors, while Power, Fertilizer, and Technology remained laggards.

Major selling was recorded by Banks and Insurance companies with net sell of US$11.2 million and US$6.3 million. Individuals absorbed most of the selling with a net buy of US$16.3 million.

 

Top performing scrips were: CNERGY, PSEL, GAL, GHNI, and ATRL. On the flip side, laggards included: AICL, HUBC, BOP, TRG, and PAKT.

AKD Securities expects the market to improve on strengthening economic indicators amid easing geo political tensions, along with favorable financial results for the period ending June 20, 2026.

Additionally, a potential US-Iran deal could moderate international oil prices towards pre-conflict levels, further supporting sentiment. 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 the week up 3%WoW

Pakistan Stock Exchange (PSX) witnessed positive momentum during this past week. The benchmark Index closed the week up 5,336 points or 3%WoW at 181,430. Market participation remained thin with average daily traded volume falling by 29%WoW to 934 million shares.

This, coupled with Iran-Oman talks aimed at restoring the Strait of Hormuz to its pre-conflict position, drove oil prices below US$80/bbl levels, before settling slightly up at US$82/ bbl on Friday. Moreover, robust financial results from the banking sector bolstered sentiments.

Trade deficit for July 2026 reported at US$3.9 billion remained down 15%MoM led by higher exports. The positive sentiments were partially tempered by uncertainties surrounding the Red Sea passageway, and higher-than-anticipated CPI of 9.2%YoY for the month, although inflation came in single digits after 4 months.

Petroleum offtakes rose 23%YoY for July 2026 to 1.5 million tons as compared to the same period last year due to rains and floods, resulting in a lower base, along with tighter enforcement curbing fuel smuggling from Iran.

Cement sector offtakes grew 6%YoY to 4.5 million tons during the month, supported by improved construction activity.

Other major news flow during the week included: 1) Turkey, Saudi Arabia & Pakistan signed joint defence agreement, 2) OPEC plus raised September oil output by 188,000 bpd, 3) GoP raised PKR882 billion through T-bills auction, 4) GoP also raised PKR474 billion via PIBs sale, and 5) foreign exchange reserves held by State Bank of Pakistan (SBP) rose to US$17.0 billion as of Jul 31, 2026.

Top performing sectors included: Jute, Textile Spinning, and Property, while laggards included: Synthetic & Rayon, Leasing Companies, and Sugar & Allied Industries.

Buying by Mutual Funds amounted to US$13.2 million. Net sellers were Banks with US$11.2 million.

Top performing scrips were: GADT, POWER, CNERGY, NPL, and BOP, while laggards included: MEHT, IBFL, PGLC, KTML, and SHFA.

AKD Securities, expects market to improve on strengthening economic indicators amid easing geopolitical tensions, along with favorable financial results for the quarter ended June26.

Additionally, a po­tential US-Iran deal could moderate international oil prices towards pre-conflict levels, further supporting sentiment. Market continues to trade at attractive valuations.

According to the brokerage house, the benchmark Index is likely 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 benchmark index up 3.0%WoW

Pakistan Stock Exchange (PSX) witnessed bullish sentiments on Monday and the benchmark index gained 7,241 points, led by a pause in US-Iran strikes, which raised hopes of a diplomatic solution and caused oil prices to fall below US$85/bbl. However, with no lasting resolution during the week, the market remained under pressure over the next three trading sessions, before rebounding on Friday to close the week up 5,073 points or 3.0%WoW at 176,094 points.

Sentiments were further supported by positive June 2026 financial results announced by major companies. Meanwhile, SBP’s status quo in its first FY27 meeting on Monday had little impact on the market, as the decision was largely in line with expectations. Additionally, market participation strengthened, with average daily trading rising by 48.5%WoW to 1.3 billion shares.

On the macroeconomic front, foreign exchange reserves held by SBP decreased to US$17.0 billion as of July 24, 2026. Saudi Arabia also rolled over its US$5 billion deposits for another 3 years, reducing external debt repayments to US$21.5 billion for FY27.

Other major news flow during the week included: 1) ECC approves package of export finance incentives, 2) Dar seeks US partnership to double bilateral trade to US$20 billion, 3) PM Shehbaz Sharif approves amendments to Pakistan Oil Refining Policy, 4) Saudi group eyes US$10 billion investment in Pakistan, and 5) Pakistan, Kuwait agree to expand economic ties.

Active sectors were: Jute, Modarabas, and Refinery, while the lagged included: Close-end Mutual Funds, Miscellaneous, and Textile Weaving.

Major buying was recorded by Mutual Funds of US$14.7 million. While sellers were Individuals with US$11.9 million.

Top performing scrips were: AICL, MLCF, PIBTL, KOHC, and IBFL, while laggards included: HGFA, PIOC, PGLC, YOUW, and TPLRF1.

According to AKD Securities, going forward, any positive progress on US-Iran conflict, along with moderating international oil prices towards pre-conflict levels would remain the key focus.

Favorable financial results for the quarter ended June 30, 2026 would support market sentiment in the near term. 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 2.7%WoW

Pakistan Stock Exchange (PSX) remained under pressure during the week ended on July 24, 2026. The benchmark index declined by 4,782 points or 2.7%WoW to close at 171,021 points. The average daily trading volume also declined by 3.2%WoW to slightly more than 881 million shares.  

As reported my Western media, Yemen's Houthis declared a naval blockade on Saudi Arabia and claimed strikes on two Saudi oil tankers in the Red Sea, putting Bab el-Mandeb flows at risk alongside the existing disruption at the Strait of Hormuz. The US carried out strikes on Iranian military targets on twelfth consecutive night.

Brent peaked above US$101/ bbl before easing to US$97, keeping energy import and inflation concerns at the forefront.

Sentiment found some support from S&P Global upgrade of Pakistan's long-term sovereign credit rating to 'B' with a stable outlook, citing stability and reform implementation.

On the macroeconomic front, yields during the T-Bills auction rose across all tenors.

Banking sector deposits increased 15.2%YoY to PKR40.9 trillion in June 2026.

Urea offtakes rose 2%YoY to 592,000 tons, driven by improving farm economics and availability of subsidies and cheaper financing. As against this, DAP sales declined 58%YoY on higher pricing.

Other major news flow during the week included: 1) Pakistan sought a US$10 billion bilateral exchange stabilization facility from the United States, 2) GoP proposed changes to the Brown field Refining Policy, 3) Pakistan purchased a spot LNG cargo at US$21.88/ mmbtu, the highest since March this year, 4) US unveiled new tariffs on 60 trade partners ranging 10-12% including Pakistan, and 5) OGRA decided to set petroleum prices on daily basis under new pricing mechanism.

Top performing sectors were: Refinery, Insurance, and Textile Spinning, while the lagged included: Jute, Sugar & Allied Industries, and Close-end Mutual Fund.

Major selling was recorded by Mutual Funds and Banks of US$31.0 million, while major buyers were Individuals and Foreigners aggregating to US2$2.5 million.

Company-wise, top performers were: YOUW, CNERYGY, PGLC, ATRL, and NESTLE, while laggards included: SSGC, SNGP, KTML, MLCF, and KOHC.

According to AKD Securities, the US-Iran conflict and international oil prices, along with monetary policy announcement would remain the key focus.

Additionally, favorable financial results for the period ended June 30, 2026 would drive the market sentiments in the near term.

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.