The rout pauses but the sellers change: KSE-100 rebounds 0.98% to 170,511.85 as the refineries sweep 4.82% higher, while foreign investors sell PKR 1.79bn net into the bounce and the week closes 2.75% lower
KSE-100
170,511.85
+0.98%
KSE-30
50,839.22
+1.18%
KMI-30 (Shariah)
243,245.60
+1.61%
All-Share
103,203.79
+0.89%
Market Pulse
Friday's 687m tape ran 418m in advancing names against 222m in declining ones, the first session since 4 September with the up side ahead and the heaviest advancing volume since that day. The refinery complex carried it: CNERGY's 104m at +4.53% was the day's largest print, PRL turned 66m at +5.81% and NRL rose 7.56% on 4m, the three with ATRL's 1.37% adding up to roughly 175m - over 40% of all advancing volume. MDTL rose 3.28% on 35m, WTL closed flat on 33m and BOP flat on 13m, while MLCF added 1.39% on 18m and KEL 0.59% on 11m. The declining prints were second-line: SSGC eased 1.05% on 15m, ASL 2.20% on 13m, TPLP 0.94% on 8m, LOTCHEM 1.37% on 7m and KAPCO 1.78% on 6m. The heavyweights advanced on thin size - PPL 2.65% on 5m, MEBL 3.33%, LUCK 2.12%, DGKC 1.99% - and HBL was the notable large-cap decliner at -0.84% on 5m. At the fringe, WAVESAPPR swung 22.73% lower inside its band on 27m, and the gainers list was all band names at or near the 10% limit - FPJM, BPL and SASML.
Sector micro-analysis
Twenty of 34 sectors closed higher, the broadest green count of the week, and the leadership was the complex that had led the fall: the Refinery sector rose 4.82% with all four names up - its second clean sweep higher this week after Tuesday's, and its largest gain since 31 August - NRL up 7.56%, PRL 5.81%, CNERGY 4.53% and ATRL 1.37%. Oil and Gas Marketing added 2.4% with six of nine higher, PSO up 1.70% and SNGP 1.02%, the Close-End Mutual Funds 1.86% and the Exchange Traded Funds 1.08%. The index engines firmed rather than surged: Fertilizer rose 0.9% on EFERT's 2.84% and FFC's 1.70%, the E&Ps 0.87% with PPL up 2.65% and OGDC 1.55%, Textile Spinning 0.76% with 19 of 33 higher, Technology and Communication 0.28%, Insurance 0.27% with 18 of 27 up, Power Generation and Distribution 0.15%, and Commercial Banks 0.14% with 10 of 19 higher the day after their 0-for-19 sweep - MEBL up 3.33% and UBL 0.72% against HBL's 0.84% fall. Cement was flat at -0.05% on a 10-8 split, LUCK's 2.12% and DGKC's 1.99% offset by KOHC's 2.34% drop. The declines were confined to the second line: Cable and Electrical Goods fell 3.86%, the worst sector for a second straight session, Apparel 1.5%, Paper, Board and Packaging 1.42% with one advancer in 11, Miscellaneous 1.2%, and Engineering 0.55% on ASL's 2.20%.
| Sector | Avg change | Breadth (A / D) |
|---|---|---|
| Refinery | +4.82% | 4 / 0 |
| Oil & Gas Marketing Companies | +2.40% | 6 / 3 |
| Close - End Mutual Fund | +1.86% | 3 / 0 |
| Exchange Traded Funds | +1.08% | 7 / 1 |
| Paper, Board & Packaging | -1.42% | 1 / 9 |
| Apparel | -1.50% | 1 / 3 |
| Cable & Electrical Goods | -3.86% | 1 / 5 |
Most active
- CNERGY 104m Rs 12.93 +4.53%
- PRL 66m Rs 85.63 +5.81%
- MDTL 35m Rs 6.92 +3.28%
- WTL 33m Rs 1.09 0.00%
- WAVESAPPR 27m Rs 0.17 -22.73%
Gainers
- FPJM Rs 18.77 +10.09%
- BPL Rs 57.28 +10.01%
- SASML Rs 341.36 +10.00%
- ASTM Rs 100.30 +9.94%
- SLYT Rs 20.17 +9.80%
Losers
- WAVESAPPR Rs 0.17 -22.73%
- HUSI Rs 52.46 -10.00%
- PIM Rs 61.64 -9.99%
- BUXL Rs 834.59 -10.00%
- TOWL Rs 146.28 -9.86%
Market Action
Foreign (FIPI) net
−PKR 1.79bn (−$6.45M)
Local (LIPI) net
+PKR 1.79bn
Source: NCCPL FIPI/LIPI · settled 11 Sept 2026
Foreign investors were net sellers of PKR 1,786m (USD 6.4m); local investors were net buyers of PKR 1,786m. the internals read as a bounce bought locally and sold into by foreign holders. Up-volume of 418m ran nearly twice the 222m in declining names, reversing Thursday's eleven-to-one split, and the bid concentrated in the refinery complex once more - its roughly 175m of advancing volume over 40% of the up side, CNERGY's 104m matching Tuesday's print. Breadth confirmed it at 248 to 210 with 20 sectors higher, the banks back to a 10-8 split after their bloc sweep, and the heavyweights advancing on small size. Against that, foreign investors were net sellers of PKR 1.79bn, the heaviest foreign net sell since at least 1 July and about two-thirds above the previous largest, the PKR 1.08bn of 7 August, taking the week's foreign net selling to roughly PKR 1.94bn. Thursday's question of whether the rout would draw foreign supply was answered a day late and at scale - and local buyers absorbed it on the bounce.
Outlook
- •The four-session slide ended at 168,865.04 with a 0.98% rebound to 170,511.85 - the largest one-day gain since 6 August - but the index still closed the week 2.75% lower, its worst week since the one ending 17 July, about 0.3% below the 24 July low of 171,021.20 and roughly 9.04% under the record.
- •The bounce had breadth and volume behind it - 248 advancers to 210, 20 of 34 sectors higher, and 418m of advancing volume against 222m for the first up-side majority since 4 September - and it was led once more by the refinery complex, whose 4.82% clean sweep was its largest gain since 31 August and its second sweep higher this week.
- •The foreign ledger turned sharply: Friday's PKR 1.79bn net sell was the heaviest since at least 1 July and dwarfed the near-flat prints earlier in the week, taking the week's foreign net selling to roughly PKR 1.94bn - a bounce that local buyers paid for while foreign holders used it to exit.
What to watch
- •Whether the rebound carries back above the 24 July low - Friday closed at 170,511.85, about 0.3% below 171,021.20, with Thursday's 168,865.04 now the retreat's floor to defend
- •Whether foreign selling persists at Friday's scale - PKR 1.79bn net was the heaviest since at least 1 July, after four sessions that netted under PKR 150m between them
- •Whether the refinery cycle turns again - the sector's 4.82% sweep higher on CNERGY's 104m and PRL's 5.81% follows the same pattern of bounce and unwind that has run all month, Tuesday's 2.68% sweep having failed within a session
- •USD/PKR, SBP rate signals and the global crude tape
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