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.

 

 

PSX benchmark index closes almost flat

Pakistan Stock Exchange (PSX) remained volatile during the week ended on September 18, 2026. The benchmark Index gained 372 points or 0.22%WoW during the week to close 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.

Oil prices eased during the final two days, with the index recovering as fading concerns over immediate Saudi supply disruptions ultimately outweighed fears of a broader Middle East conflict.

The GoP reintroduced austerity measures in an effort to conserve fuel.

Pakistan’s central bank kept the policy rate unchanged at 11.50% on Monday, in line with broad market consensus.

Current account deficit narrowed sharply by 70%YoY to US$98 million in August 2026.

Foreign exchange reserves held by SBP forex 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.

Yields on 3 and 6 month T-bills declined to 11.38% and 11.70%, respectively, in the latest auction.

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

Auto industry sales increased by 11%YoY to 17,485 units in August 2026, while IT exports rose 17%YoY to US$394 million.

Other major news flow during the week included: 1) GoP presents IMF plan to retire PKR3.6 trillion gas-sector circular debt, 2) Pakistan eyes to seek an expansion of its 30 billions yuan swap line with China, 3) Pakistan cotton arrivals rose by 19%YoY to 2.4 million bales as of September this year, 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 the lagged included: Textile Weaving, Paper & Board, and Leathers & Tanneries.

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

Top performing scrips of the week were: PSEL, IBFL, and CPHL, while the laggards included: GHNI, GAL, and NBP.

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 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.

The 2026 US Primaries: Politics Full of Surprises

The 2026 US primary season has delivered an unusual series of surprises, exposing growing pressures within both the Democratic and Republican parties ahead of November’s congressional elections.

On the Democratic side, progressive and democratic-socialist candidates made significant gains by defeating several established lawmakers. Their victories reflected the strength of anti-establishment sentiment among sections of the Democratic electorate and demonstrated that incumbency is no longer an assured advantage.

Republicans, meanwhile, continued to feel the influence of President Donald Trump. His decision to endorse Ken Paxton rather than Senator John Cornyn in the Texas Senate runoff underlined his continuing role in Republican politics. Trump also backed successful primary challenges against several Republican critics, including Cornyn, Representative Thomas Massie and Senator Bill Cassidy.

Trump's influence was not absolute. He suffered notable setbacks in several gubernatorial contests, while the broader primary results showed that his endorsements do not automatically determine outcomes.

The season also raised questions about political polling. Candidates expected to dominate races in Michigan and Wisconsin encountered much stronger competition than anticipated. The revelation that fake polls had circulated in two major contests further damaged confidence in an already scrutinized industry.

Another unexpected development came from Pennsylvania Senator John Fetterman, whose appearance at a Republican convention and praise for Republican Senator Dave McCormick highlighted the ideological and political tensions within the Democratic Party.

In Maine, Graham Platner's rapidly rising campaign collapsed following allegations of sexual misconduct and scrutiny of controversial past posts, forcing Democrats to select a replacement candidate.

Meanwhile, a Supreme Court ruling affecting the Voting Rights Act triggered new congressional redistricting in several Southern states, potentially altering the balance of House seats.

With Election Day only weeks away, the primaries have revealed a fluid American political landscape in which incumbents, party establishments, polling expectations and even traditional party loyalties face increasing pressure.