Pakistan Stock Market Weekly Review: KSE-100 Index Closes with Marginal Decline Amid Geopolitical Tensions

September 26, 2026 (MLN): The benchmark KSE-100 Index closed the week at 170,765.22 points, down 119.37 points or 0.07% on a week-on-week basis from 170,884.59 points recorded on September 18, 2026.

The weekly market performance remained influenced by improving domestic economic indicators and expectations surrounding progress on the ongoing IMF review, which provided some support to investor sentiment. However, gains remained limited as market participants continued to closely monitor developments in the US-Iran dialogue and movements in global oil prices amid persistent geopolitical risks in the Middle East.

Market Capitalization

The Pakistan Stock Exchange’s market capitalization declined to Rs4.805 trillion during the week, compared with Rs4.815 trillion on September 18, 2026, registering a decrease of approximately Rs9.79 billion, or 0.20% week-on-week.

In dollar terms, market capitalization fell from $17.366 billion to $17.336 billion, decreasing by approximately $29.67 million, or 0.17% week-on-week.

The market’s USD-adjusted return stood at -0.04%, compared with 0.24% in the previous week, showing a marginal decline after accounting for currency movements.

On the macroeconomic front, Pakistan’s weekly inflation, measured by the Sensitive Price Indicator (SPI), rose 0.99% in the week ended September 24, 2026, while the index recorded an 11.92% year-on-year increase.

Pakistan’s total foreign exchange reserves rose $19.4 million week-on-week to $26.81 billion in the week ended September 18, 2026, while State Bank of Pakistan-held reserves increased $11.3 million to $21.4 billion.

Pakistan’s broad money supply (M3) rose 0.21% month-on-month to Rs49.45 trillion in August 2026, while recording an 11.43% year-on-year increase.

Index Movers

Sector-wise performance was mixed during the week. Fertilizer provided the largest support to the KSE-100 Index at 171.09 points, followed by Oil & Gas Exploration Companies at 119.96 points, Oil & Gas Marketing Companies at 99.78 points, Refinery at 88.77 points, Investment Banks / Investment Companies / Securities Companies at 86.60 points, Cement at 72.25 points, Pharmaceuticals at 37.24 points, Property at 29.17 points, Engineering at 26.09 points, Leather & Tanneries at 25.38 points, and Tobacco at 19.53 points.

Other sectors contributing positively included Paper, Board & Packaging at 4.76 points, Close-End Mutual Fund at 1.89 points, Insurance at 1.04 points, Vanaspati & Allied Industries at 0.36 points, and Leasing Companies at 0.12 points.

On the downside, Commercial Banks emerged as the largest drag on the index at 365.89 points, followed by Miscellaneous at 141.37 points, Power Generation & Distribution at 140.00 points, Technology & Communication at 102.91 points, Automobile Parts & Accessories at 23.76 points, Glass & Ceramics at 23.62 points, Automobile Assembler at 23.13 points, Synthetic & Rayon at 18.48 points, Real Estate Investment Trust at 16.35 points, and Cable & Electrical Goods at 15.35 points.

Other sectors weighing on the index included Food & Personal Care Products at 14.43 points, Transport at 10.28 points, Sugar & Allied Industries at 3.94 points, Textile Composite at 1.44 points, Chemical at 1.12 points, Modarabas at 0.57 points, Woollen at 0.52 points, Textile Weaving at 0.12 points, and Textile Spinning at 0.12 points.

Among individual stocks, EFERT emerged as the largest positive contributor to the index, adding 150.55 points, followed by HBL at 93.83 points, ATRL at 76.08 points, PSO at 72.83 points, PPL at 68.53 points, MARI at 66.65 points, ENGROH at 61.31 points, FCCL at 35.09 points, FFC at 34.60 points, and JVDC at 29.17 points.

Other major positive contributors included SEARL at 28.64 points, POL at 26.52 points, CHCC at 26.18 points, SRVI at 25.38 points, PSX at 25.29 points, TRG at 22.43 points, PAKT at 19.53 points, HINOON at 17.54 points, AGP at 16.12 points, and SNGP at 16.05 points.

On the downside, PSEL was the biggest drag on the benchmark, erasing 157.86 points, followed by MCB at 118.81 points, NBP at 90.65 points, SYS at 86.11 points, KEL at 74.59 points, MEBL at 74.07 points, HUBC at 63.27 points, UBL at 63.23 points, BAHL at 60.14 points, and BOP at 41.26 points.

Other major negative contributors included OGDC at 41.73 points, PTC at 30.15 points, FATIMA at 25.08 points, THALL at 23.76 points, TGL at 21.88 points, IBFL at 18.48 points, MTL at 15.95 points, PAEL at 15.35 points, GLAXO at 14.99 points, and AIRLINK at 14.29 points.

FIPI/LIPI

Foreign investors remained net sellers during the week, recording net equity sales of Rs571.76 million ($2.06 million). Foreign Corporates recorded net equity sales of Rs617.60 million ($2.23 million), while Overseas Pakistanis recorded net equity purchases of Rs45.84 million ($165,488).

On the local side, investors remained net buyers in the equity market, recording net purchases of Rs571.76 million ($2.06 million).

Other Organizations emerged as the largest local equity buyers, with net purchases of Rs1.15 billion ($4.13 million), followed by Companies with Rs1.10 billion ($3.97 million), Banks/DFIs with Rs354.40 million ($1.28 million), Individuals with Rs261.16 million ($942,824), NBFCs with Rs175.27 million ($632,734), and Insurance Companies with Rs20.92 million ($75,519).

Meanwhile, Mutual Funds remained the largest local equity sellers, with net sales of Rs1.76 billion ($6.35 million), followed by Broker Proprietary Trading with Rs727.69 million ($2.63 million).

In the debt market, Mutual Funds remained the largest net buyers with Rs28.51 billion ($102.92 million), followed by Insurance Companies with Rs3.46 billion ($12.47 million), Other Organizations with Rs419.77 million ($1.52 million), Individuals with Rs193.96 million ($700,202), and Broker Proprietary Trading with Rs2.86 million ($10,340).

On the other hand, Banks/DFIs recorded net debt sales of Rs32.28 billion ($116.53 million), while Companies recorded net debt sales of Rs302.45 million ($1.09 million).

Overall, local investors recorded a net purchase of Rs571.76 million ($2.06 million) across the equity and debt markets.

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