PSX benchmark index up 5.0%WoW

Pakistan Stock Exchange (PSX) witnessed bullish momentum during the outgoing week, with the benchmark Index gaining 8,122 points or 5.0%WoW to close at 171,116 on Friday, May 08, 2026. Average daily trading volume decline by 9.7%WoW to 1.1 billion shares.

The dominant sentiment driver was easing of US-Iran tensions, with both sides reportedly edging towards a short-term memorandum to halt the conflict, leading international oil prices to ease by 18%WoW up to US$100.5/ barrel.

Earlier in the week, U.S. President Trump paused the 'Project Freedom' naval operation in the Strait of Hormuz after one day, following a request from Pakistan and other mediating countries, citing progress towards a final agreement with Tehran. Despite an intermittent exchange of fire between U. and Iranian forces near the Strait mid-week, Trump confirmed the ceasefire remained in effect. The IMF Executive Board meeting on Friday was scheduled to consider approval of the US$1.2 billion tranche under the EFF and RSF programs.

Pakistan’s foreign exchange reserves are expected to reach US$17 billion by end June 2026.

Pakistan's trade deficit increased by 4%YoY to US$4.1 billion in April 2026, taking 10MFY26 trade deficit to US$32.0 billion, up 20%YoY.

Cement dispatches rose 11%YoY to 3.9 million tons in April 2026, led by 20%YoY growth in local dispatches.

LSM index rose 11.1%YoY in March 2026, taking 9MFY26 growth to 6.5%YoY.

Foreign exchange reserves held by SBP increased to US$15.85 billion as of April 30.

Other major news flow during the week included: 1) Pakistan to issue US$250 million Panda bonds within 10 days, 2) GoP to end untargeted electricity subsidies, 3) Power consumers to get PKR1.75/ unit relief, 4) Government bars private OMCs from HSD imports, and 5) Pakistan rejects lowest spot LNG bids.

Top performing sectors were: Cement, Technology, and Inv. Companies, while laggards included: Textile Weaving, Leasing Companies, and Synthetic & Rayon.

Major selling was recorded by Insurance and Individuals of US$9.8 million and US$3.7 million respectively. Major buyers were Brokers and Mutual Funds with US$6.1 million and US$4.5 million respectively.

Top performing scrips of the week were: PIOC, JVDC, PIBTL, SSGC, and GADT, while laggards included: INDU, IBFL, MEHT, THALL, and ATRL.

According to AKD Securities, the IMF Executive Board's approval of US$1.2 billion tranche alongside the trajectory of US-Iran negotiations would remain near-term catalysts for market direction, with continued softening of oil prices to act as a supportive trigger.

Market continues to trade at attractive valuations. According to the brokerage house the benchmark 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 benchmark index down 4.5%WoW

Pakistan Stock Exchange (PSX) remained in the grip of bears during the ended on April 30, 206. The benchmark index shed 7,677 points, down 4.5%WoW to close at 162,994 points, with average daily trading volume declining to 1.2 billion shares, down 30%WoW.

The most dominant factor contributing to this decline was the collapse of the Iran-US talks, where the US President cancelled a planned trip of his envoys to Pakistan. Consequently, oil prices remained elevated through the week, with the June’26 Brent contract hitting a high of US$126/ bbl.

Adding to this was decision by State Bank of Pakistan (SBP) to raise the policy rate by 100bps to 11.5% on Monday, the first rate hike in over two and half years.

The prolonged Middle East conflict was termed to be the primary driver for raising the policy rate, attributing inflation to remain above the target range in the next few quarters.

However, a positive development was the confirmation of the IMF Executive Board meeting scheduled for May 08, 2026 to consider approval of the US$1.2 billion tranche under the EFF and RSF programs.

Foreign exchange reserves held by SBP as of April 24, 2026 were reported at US$15.8 billion.

Other major news flow during the week included: 1) Pakistan clears US$3.45 billion loan to UAE, 2) Pakistan plans launch of Panda Bonds, 3) IMF okays 60% cut in gas levy, 4) No let-up in Pakistan’s efforts for US-Iran peace, and 5) Pakistan's weekly oil import bill rises to US$800 million amid US-Iran conflict.

Top performing sectors were: Textile Weaving, Tobacco, and Auto Assemblers, while laggards included: Vanaspati, Property, and Woolen.

Major selling was recorded by Mutual funds, and Brokers amounting to US$28.6 million and US$3.1 million respectively.

Major buyers were Individuals, and Companies with net buy of US$27.4 million and US$1.4 million respectively.

Top performing scrips were: HCAR, MEHT, INDU, PAKT, and MTL, while laggards included: YOUW, NBP, SSOM, GADT, and SSGC.

According to AKD Securities, a constructive resolution of US-Iran would remain the pivotal near-term catalyst for the market direction, with softening of oil prices to act as a trigger. 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 down 1.9%WoW

Pakistan Stock Exchange (PSX) witnessed reversal of momentum during this past week, the benchmark index shed 3,267 points, down 1.9%WoW to close at 170,672, as investors tried to understand more complex geopolitical realities following last week's ceasefire driven rally.

The average daily trading volume rose to 1,665 million shares - up 31.7%WoW, with investor risk appetite witnessing pullbacks as US-Iran diplomatic talks encountered fresh hiccups. However, sentiment returned during second half of Friday’s session as Iran confirmed the arrival of its foreign minister to Pakistan over the weekend.

Furthermore, US president’s indefinite extension of the ceasefire on Tuesday, hours before its expiry kept hopes of resolution alive and prevented a material selloff as well.

Oil prices rose 3.2%WoW to US$104.8/ bbl, as Iran's seizure of two container vessels attempting to transit the Strait of Hormuz reignited supply disruption fears.

On the macroeconomic front, IMF’s executive board is expected to consider approval of the fourth tranche of the 37-month program during May’26.

Foreign exchange reserves held by State Bank of Pakistan (SBP) rose to US$15.1 billion.

Other major news flow during the week included: 1) Pakistan ups Eurobond issuance to US$750 millio, 2) IMF to vet auto policy before cabinet, 3) IMF urges removal of non-tariff curbs, 4) Pakistan seeks LNG spot cargoes after December, and 5) First Central Asian shipment reaches Pakistan via China.

Top active sectors were: Textile Weaving, Refinery, Synthetic & Rayon, while lagged included: Jute, Pharmaceuticals, and Cement.

Major selling was recorded by Insurance, and Other Organization aggregating to US$16.9 million. Individuals and Companies emerged net buyers with US$17.2 million.

Top performing scrips included: YOUW, ATRL, GADT, IBFL, and MUREB, while laggards included: PIOC, DGKC, ISL, CPHL, and MLCF.

AKD Securities believes that a constructive resolution would remain the pivotal near-term catalyst for the market direction, with any positive developments over the weekend becoming the trigger.

According to the brokerage house, despite the recent recovery, market continues to trade at attractive values.

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 4.0%WoW

Pakistan Stock Exchange (PSX) remained positive during this past week ended on Friday April 17, 2026, supported by easing geopolitical tensions and softer oil prices. The benchmark Index surged by 6,748 points or 4.0%WoW to close at 173,939. Average daily trading increased to 1,264 million shares, from 918 million shares during the earlier week, up 37.6%WoW.

One of the key boosters of investors’ sentiments was an inflow of US$2.0 billion from Saudi Arabia, with an aggregate committed support of US$8.0 billion, including a rollover of US$5.0 billion.

Sentiments improved following the Prime Minister’s announcement of reduction in prices of motor spirit and high speed diesel.

Confidence was further supported by Pakistan’s role in in ceasefire in a US-Iran war on optimism around a second round of talks to take place in Islamabad.

Fertilizer and Autos remained in focus. Urea offtake increased by 86%YoY to 569,000 tons in March 2026, while DAP, CAN, and NP sales also surged.

Auto sales rose to 19,100 units in March 2026, up 46%YoY, primarily driven by strong tractor sales.

Pakistan posted a current account surplus of US$1.07 billion in March 2026, marking the third consecutive surplus.

Another important feature was reduction in T-Bills yield.

UBL’s higher than expected earnings for the first quarter supported the momentum.

Leather & Tanneries, Textile Weaving, and Vanaspati & Allied Industries emerged as top performing sectors, while, Woollen and Tobacco were the laggards.

Major buying was recorded by Individuals and Companies with a net buy of US$10.7 million and US$10.5 million. Banks and Insurance companies emerged as major seller with a net sell of US$22.1 million and US$9.6 million respectively.

Top performing scrips of the week were: GAL, GHNI, LOTCHEM, BOP, and SRVI, while laggards included: PTC, FATIMA, ATRL, MEBL, and BNWM.

 According to AKD Securities, going forward, upcoming negotiations in Islamabad on US-Iran war would remain a key focus for investors. Any positive development would likely keep the market robust.

Despite the recent recovery, market continues to trade at attractive valuations.

According to the brokerage house the benchmark index is expected to reach 263,800.

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 11.2%WoW

Pakistan Stock Exchange (PSX) witnessed bullish momentum during the week ended on April 10, 2026, driven by Pakistan-mediated two-week ceasefire between the United States and Iran. The benchmark index surged by 16,795 points or 11.2%WoW to close at 167,191, the highest weekly gain in 47 months.

Market participation also improved significantly, with average daily traded volumes rising by 52%WoW to 918 million shares.

This breakthrough is set to be followed by further round of negotiations in Islamabad over the weekend, aimed at reaching long-term peace solution.

The aforementioned diplomatic development led to a broad-based correction in international oil prices, which declined below the US$100/ bbl mark after 28-day streak with Arab Light prices declining by 13%WoW to US$97.6/ bbl.

Pakistan-Afghanistan peace talks, mediated by China, concluded with both sides agreeing to explore comprehensive solutions.

Remittance for March 2026 were reported at US$3.8 billion, down 6%YoY, but up 17%MoM, taking total for 9MFY26 to US$30.3 billion, up 8%YoY.

The GoP external debt declined by 1% FYTD to PKR23,203 billion as of end February 2026.

Foreign exchange reserves held by State Bank of Pakistan (SBP) increased to US$16.4 billion as of Apr 04, 2026.

Other major news flow during the week included: 1) IMF expects to provide vulnerable economies hit by Middle East war up to US$50 billion, 2) Prime Minister pushes currency swap deals, 3) Banking deposits increased by 20%YoY to PKR37 trillion be end February 2026, 4) Pakistan repays US$1.43 billion Eurobond in external debt, 5) World Bank cuts Pakistan’s GDP forecast to 3%, and 6) IMF to dispatch mission to Pakistan for budget for FY27 consultation next month.

Cement, Engineering, and Textile emerged as top performing sectors, while Leasing and Real Estate Investment Trust emerged laggards.

Major buying was recorded by Mutual Funds with a net buy of US$53.8 million. Banks and Insurance remained seller with a net sell of US$28.9 million and US$11.8 million.

Top performing scrips were: GAL, KTML, MLCF, DGKC, and FCCL, while laggards included: PGLC, NESTLE, and DCR.

Going forward, upcoming negotiations in Islamabad would remain a key focus for investors, with any positive developments likely to drive further market recovery; particularly given the improved diplomatic positioning of Pakistan.

According to AKD Securities, despite the recent recovery, 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 week slightly above 150,000 mark

Pakistan Stock Exchange (PSX) remained volatile throughout the week, primarily driven by evolving geopolitical tensions in the Middle East and sharp movements in international oil prices. The benchmark index declined by 1,309 points during the week to close at 150,399 points, leading to subdued market participation, with average daily traded volumes declining by 31%WoW to 604 million shares.

Positive sentiments in the first half of the week were supported by: 1) Pakistan-led diplomatic efforts fueling optimism for a possible de-escalation, 2) lower-than-expected increase in CPI to 7.3%YoY in March 2026, and 3) Pakistan securing Staff level agreement with IMF for US$1.2 billion. However, conflicting statements from Iran and the US, along with concerns over a possible ground invasion by the latter, created negative sentiment.

On the macroeconomic front, 2QFY26 GDP growth improved to 3.9%YoY as compared to 3.6%YoY in 1QFY26), while the trade deficit for March 2026 widened 4%YoY to US$2.7 billion.

Meanwhile, the government announced an increase in fuel prices, with HSD/MS rising by PKR184.5 and PKR137.2 per litre, respectively, after providing subsidies over the past 3 weeks.

On the sectoral front, OMC sales for March 2026 increased 19%YoY to 1.4 million tons, while cement offtakes rose 1%YoY during the same period.

Furthermore, T-Bill yields showed mixed movement, declining by 29/2bps for one-month and six-month papers, while three-month and twelve-month papers rose by 29bps and 25bps, respectively.

Other major news flow during the week included: 1) GoP secures Kuwait backing for fuel imports, 2) Pakistan, China release ‘five-point initiative’ to restore peace in the Middle East, 3) Pakistan, Afghan Taliban officials meet in China for ceasefire talks, 4) Iran allows 20 more Pak-flagged to pass through Hormuz, and 5) Foreign Exchange reserves held by State Bank of Pakistan increase by US$6 million to US$16.4 billion as of March 27, 2026.

Refinery, Woollen, and Transport emerged as top performing sectors, while Vanaspati & Allied Industries, Leather & Tanneries, and Cable & Electrical Goods were laggards.

Major selling was recorded by Mutual Funds with a net outflow of US$15.7 million, while Individuals absorbed most of the selling with a net buy of US$16.7 million.

Top performing scrips of the week were: TRG, CNERGY, ATRL, BAHL, and BAFL, while laggards included: SCBPL, GADT, KTML, SSOM, and PAEL.

According to AKD Securities, going forward, market sentiment will hinge on developments of the Middle East conflict. Concurrently, upcoming corporate results would also remain in the limelight as 3QFY26 results season approaches. Over the medium term, any de-escalation in the Middle East could spark a strong market rebound. The recent corrections have made valuations more attractive, with forward P/E now at 6.4x.

The brokerage house forecasts the KSE-100 Index to reach 263,800 by end December 2026.

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

PSX Benchmark Index Declines 3.6%WoW

Pakistan Stock Exchange (PSX) remained volatile during the week due to persistent geopolitical tensions between the United States and Iran, coupled with domestic political noise. Benchmark index declined by 6,434 points or 3.6% during the week to close at 173,170 on Friday. Market participation also slowed with the start of Ramadan, with average daily traded volumes declined by 22%WoW to 831 million shares, as compared to 1.1 billion shares in prior week.

Developments on the economic front remained encouraging, as the country posted Current Account surplus of US$121 million in January 2026, against a deficit of US$393 million in the same period last year, primarily driven by higher workers’ remittances.

Industrial activity (LSMI) expanded by 4.8%YoY in 1HFY26, led by growth in automobile and textile sectors.

Government notified PKR5/ kWh reduction in industrial tariffs, higher than initially announced by Prime Minister.

Power generation increased by 12%YoY in January 2026, supported by the incremental industrial power tariff package and imposition of gas levy on CPPs.

Fertilizer offtakes declined by 48%YoY during January 2026, mainly due to elevated channel inventory following advance procurement in prior month.

Foreign exchange reserves held by State Bank of Pakistan (SBP) increased by US$19 million to US$16.2 billion as of February 13, 2026.

Other major news flow during the week included: 1) IMF review mission to arrive Pakistan on 25th of this month, 2) Pakistan's bonds draw biggest foreign inflows in 19 months during January this year, 3) IT exports increase by 19%YoY during January, 4) Textile exports increase by 1.3%YoY during 7MFY26, and 5) RDA inflows crosse US$12 billion mark during February 2026.

Sector-wise, Vanaspati & Allied Industries and Woollen were amongst the top performing sectors, while Refinery, Modarabas, and OMCs were the laggards.

During the first four trading sessions, major selling was recorded by Foreigners with a net sell of US$26.5 million. Individuals and Banks absorbed most of the selling with a net buy of US$14.4 million and US$12.1 million, respectively.

Top performing scrips of the week were: INIL, SSOM, THALL, BNWM, and MUREB, while laggards included: PIOC, TRG, UNITY, PSO, and MEHT.

AKD Securities expect market to recover as domestic and geopolitical uncertainties subside, with market trading at attractive valuations of forward PE of 7.3x and Dividend Yield of 6.4%.

Investors’ sentiments are also expected to improve on the likelihood of foreign portfolio and direct investment flows, driven by improved relations with the United States and Saudi Arabia.

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

PSX benchmark index closed at an all-time high of 189,167

Pakistan Stock Exchange continued upward movement during the week, with benchmark index gaining 4,068 points or 2.2% WoW to close at an all-time high of 189,167 on Friday, January 24, 2026. Market participation also improved by 8.7%WoW, with average daily trading volume rising to 1.3 billion shares, as compared to 1.2 billion shares in the prior week.

Momentum was supported by easing geopolitical tensions and a decline in T-Bill yields to single-digit levels for the first time in four years.

Moreover, positive economic partnerships with China, US, Britain and Saudi Arabia are expected to further boost Pakistan’s economy.

On the macroeconomic front, current account deficit was recorded at US$244 million for December 2025, while FDI outflows were recorded at US$135 million.

Power generation rose 8.8%YoY at December end, while IT sector recorded highest ever monthly exports of US$437 million, up 26%YoY.

Foreign exchange reserves held by State Bank of Pakistan (SBP) increased by US$16 million to US$16.1 billion as of January 16, 3026, as a result PKR appreciated against the greenback during the week, closing the week at 279.86 PKR/ US$.

Other major news flow during the week included: 1) Pakistan, China sign US$4.5 billion farm deals, boosting jobs and food supply, 2) Pakistan signs Trump-led Board of Peace charter, 3) GoP working on proposals to reduce industrial power tariff, 4) Pakistan-Philippines can boost pharma trade to US$1 billion, and 5) Foreign firms repatriate US$1.6 billion during 1HFY26.

Refinery, Fertilizer, Leather & Tanneries, Insurance, Property were amongst the top performing sectors, while Transport, Jute, Woollen, Technology & Communication, and Engineering were amongst the laggards.

Major buying was recorded by Mutual Funds and Individuals with a net buy of US$22.1 million and US$11.5 million, respectively. Foreigners and Companies were major sellers with net sell of US$21.1 million and US$10.4 million.

Top performing scrips of the week were: AICL, ATRL, FATIMA, SAZEW, and ENGROH, while laggards included: PIOC, KTML, TGL, SYS, and PAEL.

AKD Securities foresees the positive momentum at PSX to continue due to further monetary easing driven by improving external account position and continuous focus on reforms amid political stability.

The brokerage house anticipates the benchmark index to rise to 263,800 by end December 2026.

Investors’ sentiments are expected to improve on the likelihood of foreign portfolio and direct investment flows, driven by improved relations with the United States and Saudi Arabia.

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

PSX benchmark index up 0.4%WoW despite volatility

Pakistan Stock Exchange (PSX) experienced volatility throughout the week, driven by geopolitical tensions. However, a positive momentum prevailed as geopolitical dust settled along with news of defence export deals with multiple regional partners and encouraging macro developments. The benchmark Index witnessed a weekly gain of 689 points or 0.4%WoW to close at 185,099 points on Friday January 16, 2026.

Market participation declined by 24.5%WoW with average daily trading slipping to 1.2 billion shares, from 1.6 billion shares in the prior week.

On the macroeconomic front, LSM index increased by 10.4%YoY in November 2025 while posting growth of 6%YoY during 5MFY26.

In the latest PIB auction, yields declined on all the tenors.

Fertilizer sector marked the highest ever annual urea sales in CY25.

Auto sales reported at 17,000 units in December 2025, down 6%YoY.

Foreign exchange reserves held by State Bank of Pakistan (SBP) increased by US$16 million to US$16.1 billion as of January 09, 2025.

PKR appreciated against the greenback during the week to 279.95 PKR/ US$.

Other major news flow during the week included: 1) Turkey confirms talks on defence pact with Pakistan and Saudi Arabia, 2) Petrol, diesel prices to remain unchanged for next fortnight due to the increase in Petroleum Levy, 3) Pakistan announces plan to develop Port Qasim into climate-resilient industrial complex 4) Pakistan, Saudi Arabia eye joint mining investments at Future Minerals Forum, and 5) Government announces plan 6,000 acre Export Processing Zone on Pakistan Steel Mills land.

Transport, Paper & Board, Oil & Gas Exploration Companies, Property, Automobile Parts & Accessories were amongst the top performers, while Synthetic & Rayon, Jute, Miscellaneous, Textile Weaving, and Textile Spinning were amongst the laggards.

During the week, major buying was recorded by Individuals and Mutual Funds with a net buy of US$16.1 million and US$12.8 million, respectively. Banks and Insurance Companies were major sellers with net sell of US$23.5 million and US$15.8 million, respectively.

Top performing scrips of the week were: ATLH, AKBL, LOTHCEM, OGDC, and JVDC, while laggards included IBFL, SAZEW, AICL, PABC, and YOUW.

AKD Securities foresees the positive momentum at PSX to continue due to further monetary easing driven by improving external account position and continuous focus on reforms amid political stability.

The brokerage house forecast the benchmark Index to reach 263,800 by end December 2026.

Investors’ sentiments are expected to improve on the likelihood of foreign portfolio and direct investment flows, driven by improved relations with the United States and Saudi Arabia.

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 3.8%WoW

Pakistan Stock Exchange (PSX) moved upwards sharply during the week, with benchmark Index advancing 6,634 points, up 3.8%WoW, to close at a fresh all-time high of 179,035 points.

Market participation improved by 9.7%WoW, with average daily traded volume rising to 1.3 billion shares, as compared to 1.1 billion shares in the prior week.

Momentum was driven by a favorable new year effect alongside a softer than expected December 2025 inflation of 5.6%.

Sentiments were further buoyed by sharp rally in the E&P sector, following OGDC’s oil and gas discovery in Nashpa Block, where a second formation delivered 4,100 barrels oil and 10.5mmcfd gas, adding to the earlier discovery announced in December 2025.

OMC volumes also increased by 6%YoY during December 2025.

On the macroeconomic front, Trade deficit increased by 24%YoY to US$3.7 billion during December 2025, whereas, GDP grew by 3.7%YoY during 1QFY26.

Foreign exchange reserves held by State Bank of Pakistan (SBP) increased by US$13 million to US$15.9 billion as of December 26, 2025.

Other major news flow during the week included: 1) SBP buys US$6.9 billion from currency market in 12 months, 2) FBR collects PKR6.2 trillion in 1HFY26, but falls short by PKR338 billion of target, 3) Pakistan Eyes US$1 billion Liability Settlement via UAE investment in Fauji Group, 4) US seeks Pakistani partnership in locomotive sales, mineral exploration, and 5) Pakistan gets ready to launch first Panda bond in China.

Transport, Property, Vanaspati & Allied Industries, Oil & Gas Exploration Companies, and Pharmaceuticals were amongst the top performing sectors, while Jute, Woollen, Cement, Real estate Investment Trust, and Textile Composite, were amongst the laggards.

Major buying was recorded by Mutual Funds and Companies with a net buy of US$24.5 million and US$9.4 million, respectively. Foreigners and Banks were major sellers with net sell of US$18.8 million and US$10.7 million respectively.

Top performing scrips of the week were: JVDC, SSOM, UBL, FFL, and EFERT, while laggards included: DGKC, CHCC, KTML, KOHC, and MLCF.

AKD Securities foresees the positive momentum in the benchmark index to continue due to further monetary easing driven by improving external account position and continuous focus on reforms amid political stability.

The brokerage forecasts the benchmark Index to reach 263,800 by December 2026.

Investors’ sentiments are expected to improve on the likelihood of foreign portfolio and direct investment flows, driven by improved relations with the United States and Saudi Arabia.

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 51 percent in 2025

According to Pakistan’s leading brokerage house, Topline Securities, Pakistan Stock Exchange (PSX) during 2025 posted return of 51%, taking 2 years cumulative returns to 179%. In US$ terms, market posted return of 50% (2 year returns 180%). The stated return is inclusive of dividends received during this period.

The larger portion of the price return (40%) came through re-rating of index, with PE rising from 4.1x in December 2024 to 7.1x in December 2025. The dividend yield during the year was 8%.

The continuation of positive momentum was driven by stable and improving economy, political stability, lower interest rates and stable PKR also helped.

Major triggers during the year which helped index in re-rating included: 1) Successful IMF review throughout the year, 2) Credit rating upgrade by all 3 top global rating agencies S&Ps, Moody’s and Fitch, 3) decline in interest rate by 250 bps, 4) stable/ improved macro indicators, 5) Saudi Arabia- Pakistan Defence Pact, and 6) PIA privatization.

During the year, market also witnessed few volatile event s namely Pakistan India Conflict of May 2025, which resulted in market losing 5.6% in 3 sessions, recovered all losses in a single day after successful mediation by US president Donald Trump. Other events which caused volatility in market were, Iran Israel war, and imposition of tariffs by United States on global economies including Pakistan.

PSX market capitalisation also increased by 36% in 2025 to US$70 billion but still below its 2017 peak of US$100 billion.

Trading activity recorded strong growth in both volume and value, with volumes (ready/ cash) per day at PSX up 40% to 797 million shares/ day in 2025 which is all time high. Similarly, average traded value per day was up 64% to PKR37 billion/ day in cash market which is also all time high. In futures market, total traded volume and value per day were also up by 35% and 76% to 249 million share/ day and PKR14 billion/ day, respectively.

As per Bloomberg data, Pakistan’s KSE-100 Index was among the fifth best-performing markets in Asia/ Pacific region in US dollar terms in 2025.

The KSE Index remained the second-best performing major asset class in 2025, while gold was the top performer with a return of 73%, based on selected investment assets class in Pakistan.

PSX witnessed same momentum in offerings in 2025, with the bourse witnessing 7 offerings (including 2 GEM Board offerings and 1 Migration). However, total amount raised from investors through the 7 offerings in 2025 stood at PKR4.3 billion as against PKR8.4 billion in 2024.

PSX benchmark index up 2.8%WoW

Pakistan Stock Exchange (PSX) continued its bullish momentum during the week, driven by investor optimism following the announcement that the IMF Executive Board will meet on December 08, 2025, to consider and approve third tranche of US$1.2 billion for Pakistan.

The benchmark index was up 4,575 points during the week, up 2.8%WoW, to close at 166,678 points. However, market participation weakened by 14.2% WoW with average daily traded volume down to 1.1 billion shares, as compared to 1.3 billion shares in the prior week.

Sentiment further boosted after Petroleum Minister Ali Pervaiz Malik announced that Reko Diq is close to achieving financial close with US$3.5 billion in loans secured, sparking a strong rally in the Oil and Gas Exploration sector. The inclusion of FFC in the Shariah-compliant index fueled a surge in the scrip.

Foreign exchange reserves held by State Bank of Pakistan (SBP) increased by US$9 million to US$14.6 billion as of Nov 21, 2025.

Other major news flow during the week included, 1) SIFC unveils business-friendly roadmap, 2) PM Shehbaz eyes US$1 billion trade with Bahrain in three years, 3) Chinese group to establish US$1.5 billion industrial park on 300 acres, 4) Food Exhibition 2025 draws strong international interest as B2B deals reach US$615 million, and 5) IMF recognizes Competition Commission of Pakistan’s major turnaround.

Leather & Tanneries, Fertilizer, Commercial Banks, Technology & Communication and Cement were amongst the top performers, while Jute, Modarabas, Refinery, Leasing Companies and Glass & Ceramics were amongst the worst performers.

Flow wise, major buying was recorded by Banks/ DFIs and Mutual Funds with a net buy of US$14.5 million and US$9.5 million during the week, respectively. Foreigners & Individuals were major sellers with net sell of US$12.9 million and US$9.1 million, respectively.

Top performing scrips of the week were: SSGC, SRVI, PIOC, HUMNL and FATIMA, while laggards included: PKGP, BWCL, YOUW, CNERGY and ATRL.

AKD Securities foresee the momentum at PSX to continue given successful IMF Executive Board approval of the IMF’s second review, minimal flood impact and improved credit ratings by global agencies amid falling fixed income yields.

Investors’ sentiments are expected to further improve on the likelihood of foreign portfolio and direct investment flows, driven by improved relations with the US and Saudi Arabia.

This outlook is supported by the lack of alternative investment avenues and the attractive valuation of local equities.

Top picks of AKD Securities include: MEBL, MCB, HBL, OGDC, PPL, PSO, ENGROH, LUCK, DGKC, FCCL, and INDU.

PSX benchmark index declines amid volatility

Pakistan Stock Exchange (PSX) witnessed volatility during the week, pressured by weaker than anticipated corporate earnings. The benchmark index declined by 502 points during the week, down 0.3%WoW, to close at 163,304 points.

Market participation also weakened by 17%WoW with average daily traded volume down to 1.8 billion shares as against 2.2 billion shares in the prior week.

On the macroeconomic front, current account for September 2025 reported a surplus of US$110 million. A point worth mentioning is, IT exports for September 2025 were reported at US$366 million, up 25%YoY, marking the highest ever monthly IT exports.

Power generation during September 2025 was reported at 12,592GWh, up 1%YoY, whereas cost of generation declined by 24%YoY.

Foreign exchange reserves held by State Bank of Pakistan (SBP) were reported at US$14.5 billion as of October 17, 2025.

According to AKD Securities, the momentum at PSX is expected to continue given successful staff-level agreement of the IMF’s second review, minimal flood impact and improved credit ratings by global agencies amid falling fixed income yields.

Investors’ sentiments are expected to further improve on the likelihood of foreign portfolio and direct investment flows, driven by improved relations with the United States and Saudi Arabia.

This outlook is supported by the lack of alternative investment avenues and the attractive valuation of local equities, with the KSE-100 trading at a multiple of 7.4x while offering a dividend yield of 6.6%.

The top picks of the brokerage house include: MEBL, MCB, HBL, OGDC, PPL, PSO, FFC, ENGROH, LUCK, DGKC, FCCL, and INDU.

 

Can Pakistan’s Stock Market Euphoria Last?

The Pakistan Stock Exchange (PSX) has turned into a theater of euphoria. In recent months, the KSE-100 has scaled historic highs, luring investors with the promise of easy gains and signaling a newfound confidence in the economy. The question now is not whether the rally has been spectacular, but whether it can last.

Several factors support the bulls. The State Bank’s shift toward monetary easing has reduced borrowing costs, drawing investors away from fixed income and into equities. Lower interest rates traditionally inflate valuations, and Pakistan is no exception. Add to this the IMF’s continued engagement and incremental fiscal discipline, and the picture looks markedly better than just two years ago when fears of default loomed large. International credit agencies have upgraded Pakistan’s outlook, further feeding optimism.

Sectors like banking, energy, and cement — heavyweights in the index — have reported improved earnings, lending substance to the rally. Market psychology is also playing its part; momentum has a way of sustaining itself, as more investors join in, driven by fear of missing out.

But euphoria has a habit of blinding participants to lurking dangers. Pakistan’s political fragility remains the most potent risk. A sudden shift in the governing coalition, renewed street agitation, or policy U-turns could shake investor confidence overnight. Likewise, the country’s external account remains precarious; a spike in oil prices or weakening of the rupee could unravel the fragile stability. Inflation, though easing, is hardly conquered, and any resurgence would force the central bank back into tightening mode.

Overvaluation is another trap. After such a steep run, some stocks now trade at stretched multiples. Unless earnings growth matches expectations, disappointment could trigger a sell-off. And with global financial markets on edge over interest rate uncertainty and geopolitical flare-ups, Pakistan is hardly insulated from external shocks.

PSX benchmark index up 0.76%WoW

Pakistan Stock Exchange (PSX) remained volatile during the week, opened on positive note driven by strong corporate results and optimism over the upcoming industrial policy, with the government reportedly planning to phase out the super tax over five years. Positive sentiment was further supported by Moody’s upgrading Pakistan’s rating by one notch to Caa1 from Caa2. However, delays in circular debt payments weighed on the E&P and OMC sectors. Overall, the benchmark index gained 1,109 points or 0.76%WoW to close at 146,492 points on Friday, August15, 2025.

Meanwhile, market participation declined 7.2%WoW to 606 million shares from 653 million shares a week ago.

Pakistan officials are in discussions with US over the finer details of a trade deal, along with another visit of Field Martial yielding positive outcome, with US designating BLA as a terrorist organization, a long-standing request by Pakistan.

Passenger car and LCV sales rose 28%YoY, supported by the low base of same period last year amid last year’s plant shutdowns.

Other major news flow during the week included: 1) 3rd IMF tranche of US$1 billion anticipated, 2) Saudi crown prince invites Prime Minister Shehbaz Sharif to investment conference, 3) GoP presses China on Gwadar plan, 4) Debt re-profiling with Chinese IPPs, and 5) OGRA drafts new petroleum rules to resolve supply disputes.

Leasing companies, Textile spinning, and Auto parts were amongst the top performing sectors, while Woollen, Jute, and OMC were among the laggards.

Major selling was recorded by Banks and other organizations with a net sell of US$14 million. Mutual funds absorbed most of the selling with a net buy of US$15.3 million.

Top performing scrips of the week were: AIRLINK, THALL, YOUW, FABL, and FHAM, while the laggards included: UNITY, GADT, PSX, BNWM, and PPL.

According to AKD Securities, PSX is expected to remain positive in the coming weeks, with further developments over circular debt expected to drive the market along with upcoming corporate results remaining in the limelight.

The benchmark index is anticipated to remain on upward trajectory, with a target of 165,215 points by end December 2025, primarily driven by strong earnings in Fertilizers, sustained ROEs in Banks, and improving cash flows of E&Ps and OMCs, benefiting from falling interest rates and economic stability.

The top picks of the brokerage house include: OGDC, PPL, PSO, FFC, ENGROH, MCB, FCCL, KOHC, INDU, and SYS.

PSX benchmark index up 1.31%WoW

Pakistan Stock Exchange (PSX) benchmark index closed at an all-time high of 141,035 points, up 1,828 points or 1.31%WoW on Friday, August 01, 2025.

The positive momentum was driven by conclusion of trade deal between the United States and Pakistan including focus on developing Pakistan’s oil reserves, coupled with officials commenting that government is all set to disburse the PKR1.3 trillion amount, secured from commercial banks, by next week.

This triggered gains in the E&P and OMC sectors. The said development overshadowed the subdued performance of initial days over monetary policy committee (MPC) announcement uncertainty, in which MPC maintained a status quo on policy rate over inflation concerns.

Despite the index’s upward momentum, market participation declined, with average daily traded volumes falling 11.6%WoW to 562 million shares, compared to 635 million shares a week ago.

On the macroeconomic front, US announced reduced tariffs on Pakistani exports at 19%, down from the previously imposed 29%.

Headline inflation for July 25 inched up to 4.1%YoY, as compared to 3.2%YoY a month ago.

Pakistani Rupee appreciated for a second consecutive week by 0.26%WoW, supported by government efforts to curb down on the illicit Fx market.

Foreign exchange reserves by State Bank of Pakistan (SBP) declined by US$153 million to US$14.3 billion as of Jul 25, 2025.

Other major news flow during the week included: 1) FBR collected PKR755 billion against a target of PKR748 billion, 2) Yarn, grey cloth, raw cotton removed from EFS purview, 3) SBP bought US$6.7 billion from the interbank market in 10MFY25, 4) GoP imposed PKR238/ mmbtu levy on gas for captive power plants, and 5) GoP slashed petrol price but hiked high-speed diesel.

Jute, E&P, and OMC were amongst the top performing sectors, while Vanaspati & allied industries, Woollen, and Property were among the laggards.

Major selling was recorded by Banks and Foreigners with a net sell of US$5.0 million and US$4.5 million, respectively. Mutual funds absorbed most of the selling with a net buy of US$10.9 million.

Top performing scrips of the week were: BWCL, OGDC, SYS, PPL, and PSO, while laggards included: EPCL, BNWM, JVDC, PSEL, and MEHT.

According to AKD Securities, PSX is expected to remain positive in the coming weeks, with further developments over circular debt expected to drive the market along with upcoming corporate results.

The benchmark index is anticipated to remain on upward trajectory, with a target of 165,215 points by end December 2025.

Market will be primarily driven by strong earnings in Fertilizers, sustained ROEs in Banks, and improving cash flows of E&Ps and OMCs, benefiting from falling interest rates and economic stability.

Top picks of the brokerage house include: OGDC, PPL, PSO, FFC, ENGROH, MCB, HBL, FCCL, KOHC, INDU, and SYS.

PSX posts record rise after ceasefire with India

Pakistan Stock Exchange (PSX) witnessed a historic day on May 12, 2025 with benchmark KSE 100 index rising by 9.45% in a single day, highest rise after 26 years.

As per Bloomberg, KSE-100 index is the 3rd best performing market in last 12 months in the world.

Market capitalization rose to RKR14 trillion (US$49.8 billion), from RKR12.9 trillion (US$45.8 billion) an increase of 8.7%DoD.

According to Topline Securities, the unwavering optimism was led by immediate/ surprise ceasefire announced between Pakistan and India with mediation from United States on Saturday, May 10, 2025.

Along with this, approval of the first review of EFF program by IMF, unlocking US$1 billion tranche also boosted investors’ confidence.

Amidst Indo Pak turmoil starting from April 22, 2025 incident in Pahalgam, Kashmir, and the market had lost 12.5% in subsequent 12 sessions before recovering 3.5% on May 09, 2025.

The geopolitical tensions also clouded various positive developments of Pakistan market and economy including all time low inflation reading at 0.3%YoY, for April 2025 scheduling of Pakistan’s first review of EFF on IMF board meeting agenda for May 09, 2025 and a surprise cut of 100bps in policy rate to 11% by central bank of Pakistan.

Trading at PSX was halted within 5 mints of its opening, after the benchmark Index opened 9.26% positive. Based on exchange rule, trading is halted for an hour, if the benchmark index moves 5% in either direction and remains in that territory for five consecutive mints.

PSX witnessed trading value of PKR30.4 billion in ready market, up 5.3% higher than previous day.

Surprisingly, at the upper circuit, investor bids totaled PKR13 billion in both ready and future market, with the majority of interest seen in PPL, MLCF and PSO.

According to the brokerage house, local individual investors who had been net sellers in the recent past were aggressive buyers during the session directly and through local mutual funds.

Pakistan’s dollar denominated bonds maturing in 2025 and 2026 increased by 1.2% and 2.0%, respectively.

Similarly, yields on the 2025 and 2026 bonds have decreased to 9.93% and 10.19%, down from 13.27% and 12.56% on Friday.

Local bonds also posted a positive trend, with the 3-year bond yield falling by 8bps, while the 5-year yield also declined by 15bps.

According to annual strategy released in November 2024, Topline Securities had mentioned, approval of first review of IMF in March 2025 would be a key trigger in re-rating of market multiple to historic average.

The brokerage house maintains its base case Index Target of 127,000 for December 2025. However, with higher liquidity, index can cross 150,000 mark assuming successful IMF reviews and political/ geopolitical stability.

PSX benchmark index up 2.14%WoW

Pakistan Stock Exchange (PSX) regained momentum amid easing concerns over tariff tensions and stability in global crude oil prices. This recovery was further supported by improved corporate earnings. The KSE-100 index closed the week on Friday April 18, 2025 at 117,315 points, marking a gain of 2,462 points, up 2.14%WoW.

Average daily traded volume remained low, down by 18.2%WoW, to 455.8 million shares as compared to 557.3 million shares traded a week ago. Commercial banks were key contributors to the market’s rally, driven by stronger-than-expected earnings from UBL.

Moreover, Fitch upgraded Pakistan’s rating to ‘B-’ from ‘CCC+’, amid expectations that continuation of stable economic policies will persist in supporting accumulation of foreign exchange reserves and contain external funding needs.

Alongside, news that the government and commercial banks have signed a term sheet for PKR1.2 trillion, as part of efforts to eliminate circular debt.

On the macroeconomic front, remittances by overseas Pakistanis for March 2025 touched a record high of US$4.1 billion, taking the current account surplus to US$1.2 billion —the highest monthly surplus on record.

Power generation in March 2025 was reported at 8,411GWh, up 5%YoY.

Other major news flow during the week included: 1) Pak-IMF technical-level talks to commence next week, 2) Budget to offer relief for salaried class, 3) IT exports surge to US$2.8 billion in 9MFY25, 4) Kuwait extends oil credit facility for two years, and 5) Urea and DAP sales drop by 54%YoY each during March 2025.

Vanaspati & Allied Industries, Leasing Companies, and Jute were amongst the top performing sectors, while, Woollen, Synthetic & Rayon, and Tobacco were amongst the laggards.

Major selling was recorded by Insurance Companies with a net sell of US$35.9 million. Individuals and Other Organizations absorbed most of the selling with a net buy of US$30.9 million.

Top performing scrips of the week were: PGLC, UBL, ATLH, SAZEW, and KTML, while laggards included EPCL, AGL, BNWM, IBFL, and HALEON.

Lower oil prices and favorable standing among exporting peers amid reciprocal tariffs are likely to support the economy and strengthen the outlook for a return to single-digit interest rates in CY25.

According to AKD Securities, the KSE-100 index is anticipated to sustain its upward trajectory, with a target of over 165,000 points by end December 2025. This expectation is primarily based of strong earnings in Fertilizers, sustained ROEs in Banks, and improving cash flows of E&Ps and OMCs, benefiting from falling interest rates and structural reforms.

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

 

 

PSX benchmark index down 3.27%

The Pakistan Stock Exchange (PSX) plunged by 3,882 points on Monday amid global market turmoil following China’s retaliatory tariffs against the United States. The benchmark KSE-100 index plunged by 3,882.18 points, or 3.27% to 114,909.48 from the previous close of 118,791.66.

Trading was earlier halted at the PSX for an hour after the benchmark index plummeted by 6,000 points triggering the suspension, only to drop another 2,000 points when trading resumed.

The automatic circuit breakers are designed to prevent panic selling and provide investors time to reassess during extreme market volatility.

The benchmark KSE-100 index initially declined by 6,287.22 points, or 5.29% by 11:58am (PST), before trading was halted. Shortly after reopening, it declined by a cumulative 8,687.69, or 7.31%, from the last close to 110,103.97 at 1:15pm.

At 2:02pm, the index was at 113,154.63, down by 5,637.03 points or 4.75%, from the last close.

The previous time that the PSX had seen such a massive slump was on December 19, 2024 when the KSE-100 index shed 4,795.31 points amid rising political noise and missile program-related US sanctions on Pakistani companies.

Awais Ashraf, director research at AKD Securities, attributed the decline to “investors’ fears that tariff hikes could lead to global recession through weaker demand”.

“We believe being an import-led economy … the imposition of US tariffs would benefit us due to possible decline in global commodity prices,” he added.

Mohammed Sohail, chief executive of Topline Securities, also attributed the decline to the global market crash.

He noted that the stock market had halted after falling 5pc to cool down around 12pm.

He said that the oil and gas exploration sector, technology, and textile sector were expected to be affected as they were either linked to global commodity prices or global aggregate demand.

Arif Habib Limited, in a note, said this was a historic day-on-day decline, leading to a market halt.

Yousuf M. Farooq, director research at Chase Securities, said markets were broadly down on fears of a global recession. About the initial decline, he had noted that the index had witnessed a relatively modest drop compared to other regional markets.

He noted that there was notable selling pressure in oil and banking stocks.

“Lower oil prices are expected to negatively impact earnings for oil exploration companies,” he stated, highlighting that at the same time, textile exporters could “face headwinds from new US tariffs”.

“While these tariffs pose short-term risks, particularly for the textile sector, the overall impact of the US trade policy may prove neutral to positive for Pakistan — especially if commodity prices stay low,” he added.

On the government’s role, he stressed that the federal government would have to “move quickly and start negotiations for the removal of tariffs from Pakistani products”.

PSX experiences slight pullback

Pakistan Stock Exchange witnessed a slight pullback during the week, retreating after reaching its highest-ever closing a week ago. The benchmark index closed at 117,806 points, down by 635 points or 0.54%WoW as compared to last week's closing at 118,442 points.

Average daily trading volume also dropped by 38%WoW, to 317 million shares, as compared to 508 million shares traded a week ago.

The profit taking was driven by substantial selling by Insurance companies, alongside month-end rollovers, which added to investors’ unease before Eid holidays.

Several positive developments emerged during the week, as IMF confirmed reaching the Staff Level Agreement (SLA) with the authorities in the first review of EFF, supplemented with a 28-month arrangement of US$1.3 billion under Resilience and Sustainability Facility (RSF), pending approval of the IMF’s Executive Board.

GDP growth for 2QFY25 was recorded at 1.7%YoY, with Agriculture recovering by 1.1%YoY amidst a 5.4%YoY decline in crops growth.

PKR largely remained stable against the greenback throughout the week.

Other major news flow during the week included: 1) IMF team due in May to finalize FY26 budget, 2) GoP to slash power tariffs soon, 3) Turkiye, Denmark to support climate fight, 4) Net metering contract term limited to 5 years, and 5) Pakistan receives US$9.77 billion via RDA as of February 2025.

Tobacco, Glass & Ceramics, and Vanaspati & Allied Industries were amongst the top performing sectors, while Leather & Tanneries, Paper & Board, and Technology & Communication were amongst the laggards.

Major selling was recorded by Insurance Companies with a net sell of US$8.8 million. Individuals and Other Organizations absorbed most of the selling with a net buy of US$9.3 million.

Top performers during the week were: PAKT, UBL, ATLH, NPL, and ABOT, while laggards included: PKGP, SRVI, KTML, CHCC, and NML.

According to AKD Securities the arket is expected to remain positive in the coming weeks, with the recent announcement of a staff-level agreement serving as a key trigger for momentum.

The benchmark index is anticipated to sustain its upward trajectory, primarily driven by strong earnings in fertilizers, sustained ROEs in Banks, and improving cash flows of E&Ps and OMCs, benefiting from falling interest rates and economic stability.

Top pick of the brokerage house includes, OGDC, PPL, PSO, FFC, ENGROH, MEBL, MCB, HBL, LUCK, FCCL, INDU, ILP and SYS.