Karachi, September 26, 2026 — The Pakistan Stock Exchange (PSX) concluded a volatile trading week with the benchmark KSE-100 Index closing marginally lower, as local investors weighed the impact of persistent Middle East tensions, elevated global oil prices and their knock-on effects on Pakistan’s import bill, inflation outlook and external account.
The index settled the week at 170,765.22 points, down 119.37 points, or 0.07%, from the previous week’s close of 170,884.59. The benchmark fluctuated through the five sessions, swinging between an intraday high of 172,762 and a low of 169,891.
How the Week Unfolded at the Bourse
Trading opened on a positive note. On Monday, the KSE-100 gained 268.58 points (+0.16%) to close at 171,153.17, with trading volumes rising to 692.88 million shares as investors returned to the market. The upward momentum carried into Tuesday, with the index adding a further 248.92 points (+0.15%) to settle at 171,402.08, helped by softer international oil prices and expectations of additional crude supplies from Saudi Arabia — a welcome signal for a net oil-importing economy like Pakistan.
Wednesday proved to be the week’s strongest session, with the index rallying over 1,000 points intraday to touch a high of 172,762 before easing to close around 172,233, a gain of roughly 0.48% on the day.
Sentiment turned sharply on Thursday, as renewed geopolitical tensions in the Middle East and a fresh spike in Brent crude — trading above $100 a barrel — rattled investors already concerned about Pakistan’s fuel import costs and inflationary pressures. The KSE-100 fell 1,733.57 points (-1.01%) to close at 170,498.95, its weakest level for the week.
Friday brought a measure of stability. After touching an intraday low of 169,890.56 amid early selling, the market recovered on late buying interest to close at 170,765.22, up 266.28 points (+0.16%) on the day.
What Weighed on Investor Sentiment
For a market as sensitive to global energy prices as Pakistan’s, the week’s trading was shaped almost entirely by developments abroad. With Brent crude holding above the $100-per-barrel mark for much of the week, concerns resurfaced over the country’s oil import bill, the currency’s stability and broader inflation, while the absence of any breakthrough in US–Iran negotiations kept many local investors cautious and reluctant to commit fresh capital.
Among individual stocks, HBL, UBL, BAFL, BAHL and PSO were the leading positive contributors on Friday, together adding close to 206 points to the index, while MEBL, FFC, HUBC, PTC and CNERGY were the biggest drags, pulling the benchmark down by around 152 points. A day earlier, Engro Fertilisers, HBL and Ghandhara Automobiles had topped the gainers’ list even as UBL, Lucky Cement and Mari Energies led the Thursday sell-off.
Rupee Holds Steady
Amid the equity market’s swings, the Pakistani rupee remained largely stable against the US dollar, appreciating marginally over the week to close at Rs277.25/$, compared with Rs277.32/$ a week earlier — a modest positive for import-dependent sectors already grappling with high global oil prices.
Outlook for Pakistani Investors
With the KSE-100 still holding comfortably above the 170,000-point level despite the week’s fluctuations, market participants believe the index’s near-term direction will remain closely tied to developments in the Middle East, the trajectory of global crude prices, and progress on Pakistan’s ongoing IMF review — all seen as the key risks and triggers for local markets in the week ahead.
About the Author
