PSX Ends a Strong Week Up 4.5% Despite Friday’s 1,493-Point Fall

Pakistan’s stock market finished a strong week on a high note — even though the last day ended in the red. The benchmark KSE-100 Index closed on Friday, 6 November 2026, at 173,886.68 points, down 1,493.18 points, or 0.85%, on the day. But over the whole week it gained 7,477.43 points, or 4.49%, rising from 166,409.25 points on Friday, 30 October.

It was the second strong week in a row, a week after the index gained 2.5% in the last week of October. Four days of gains added nearly 9,000 points, then Friday’s fall gave back about one-sixth of that. Investors who bought early in the week were still well ahead by Friday evening; those who bought at Thursday’s top, when the index closed at 175,379.86, saw their shares fall on Friday.

In plain terms, the market had a very good week, then gave back part of its gains. The fall on Friday was real, but it did not erase the week’s rally — and that is the story of this week.

What happened, why it matters, and what happens next

What happened: The KSE-100 rose for four sessions in a row, gaining 8,970.61 points, then fell 1,493.18 points on Friday, 6 November, to close the week at 173,886.68 — still up 7,477.43 points, or 4.49%, on the week. The index touched 176,604.51 points during Thursday’s session, its highest point of the week. Friday’s fall ended the four-day winning run, as a global sell-off in AI shares, renewed fears about the United States and Iran, and rising oil prices reached Karachi.

Why it matters: The stock market is where Pakistan’s biggest companies are valued every day, and it reacts fast to news about oil, interest rates, inflation and politics. This week tells you what investors are hopeful about — company profits, calmer diplomacy and a government that says it wants to cut taxes on business — and what still scares them: expensive oil and tension in the Middle East.

What happens next: The market is closed on Monday, 9 November, for Iqbal Day, a public holiday, and reopens on Tuesday, 10 November. Traders will watch oil prices, any news on talks involving Iran, and whether Friday’s global sell-off continues into next week. The State Bank’s next interest-rate decision is not due until 14 December.

The week in numbers

• KSE-100 close: 173,886.68 points on Friday, 6 November
• Change on Friday: down 1,493.18 points, or 0.85%, from Thursday’s close of 175,379.86
• Change over the week: up 7,477.43 points, or 4.49%, from 166,409.25 on 30 October
• Thursday’s close: 175,379.86, up 3,366.38 points on the day; the index touched 176,604.51 during the session
• Friday’s trading range: a high of 174,369.19 and a low of 172,809.89
• Friday’s volume: 1,480 million shares, against 999.81 million shares on Thursday
• Market value: the total value of listed companies fell by about Rs204 billion on Friday to Rs18.909 trillion
• Friday’s breadth: of the 100 companies in the KSE-100, 22 closed higher and 78 closed lower; across the wider market, about 190 companies rose, 292 fell and 37 were unchanged, out of 567 traded
• KMI-30 Index: the Shariah-compliant index fell 2,588.32 points, or 1.03%, on Friday to 248,644.12
• All-Share Index: the broader index settled at 104,193.89, down 830.04 points

Day	KSE-100 close	Change	Change (%)
Monday, 2 November	166,564.07	+154.81	+0.09%
Tuesday, 3 November	168,018.87	+1,454.80	+0.87%
Wednesday, 4 November	172,013.48	+3,994.62	+2.38%
Thursday, 5 November	175,379.86	+3,366.38	+1.96%
Friday, 6 November	173,886.68	−1,493.18	−0.85%

Note one detail: trading volume jumped sharply on Friday, from 999.81 million shares on Thursday to 1,480 million shares — the busiest day of the week, and a sign that Friday’s selling was broad and heavy, not a quiet drift lower.

Friday: four days of gains, then a sharp pullback

Friday’s fall ended a four-session winning run. Over those four sessions the index had gained 8,970.61 points, so Friday’s drop took back roughly one-sixth of that recovery. The index touched its high early in the session, then slid to its low and closed near the bottom of the day’s range.

One reason was the global sell-off in AI shares. On Thursday, the Nasdaq in the United States fell 5.52% and entered correction territory, as investors questioned whether the huge spending on artificial intelligence would ever pay off. That fear spread to stock markets around the world on Friday, and Karachi was no exception.

Another reason was the Middle East. Hopes of a quick easing in tensions between the United States and Iran, which had helped lift the market from Monday to Thursday, gave way to fresh worries on Friday. Reports of attacks on tankers in the Strait of Hormuz and talk of further military action made investors nervous again.

A third was oil. Brent crude, the international oil price that matters most for Pakistan, fell from about $107 a barrel early in the week to about $96 by Thursday, which had helped the rally. On Friday it rose again, to about $99.60 a barrel, as the Iran worries returned. Pakistan imports almost all of its oil, so dearer oil means a bigger import bill, more pressure on the rupee, and higher fuel and transport costs at home.

There was also simple profit-taking — selling after a fast rise to lock in gains, which itself pushes prices down. After four days in which the index gained nearly 9,000 points, some investors decided Friday was a good day to sell.

The biggest drags on Friday were United Bank Limited (UBL), Lucky Cement, Engro Holdings, Fauji Fertilizer Company (FFC) and Pakistan Petroleum Limited (PPL). Pakistan State Oil (PSO) gave the most support, limiting the fall.

What pushed the market up during the week

If Friday was about fear and profit-taking, the rest of the week was about three hopeful stories: diplomacy, oil and company profits.

The first was diplomacy. The market rallied from Monday as investors read the results of the United States midterm elections as lowering the risk of a wider war in the Middle East. Reports of a draft proposal between the United States and Iran, and signs that President Donald Trump was not planning immediate military strikes, encouraged buying. Arif Habib Limited’s head of research, Sana Tawfik, told The Express Tribune that institutional investors and funds were buying on the back of the midterm result, the draft proposal and oil holding near $103 a barrel.

The second was oil. Brent crude fell during the week, from about $107 a barrel to about $96 by Thursday. Cheaper oil is good news for Pakistan: it lowers the import bill, eases pressure on the rupee and reduces the cost of fuel and transport. That helped shares across the market.

The third was company profits. Arif Habib Limited estimates that KSE-100 companies earned Rs1,638 billion in the first nine months of 2026, 26% more than a year earlier. When big companies report better profits than expected, their share prices usually rise — and because banks and fertiliser companies are among the biggest in the KSE-100, their results move the whole index.

There was also a tax story: the Federal Board of Revenue chairman said the government intends to abolish the Super Tax, the extra levy on large companies — which would leave more profit in companies’ hands.

The buying was broad. On Monday, Mari Energies, Fauji Fertilizer and Engro Holdings led the gains. On Wednesday, buying was seen in car makers, cement, banks, oil and gas exploration companies, oil marketing companies and power firms, according to Business Recorder. On Thursday, the Shariah-compliant KMI-30 index jumped 4,834 points alongside the KSE-100’s 3,366-point rise, with heavyweight stocks across banks, energy and power all trading higher.

Who was buying — and who was selling

The buying this week was driven mainly by local investors, with institutions leading the way.

On Friday, foreign investors were small net sellers, selling about $1.7 million worth of shares, according to data from the PSX Terminal. Mutual funds were net buyers of about $78.5 million worth, while banks were net sellers of about $75.9 million. These figures come from a single source and should be treated as provisional — the full weekly flow figures had not been published when this article was written.

In plain terms, the week’s rally was driven by Pakistani buyers, not foreign money.

The wider economy: reserves, the rupee and gold

The stock market does not move on its own. Three things in the wider economy mattered this week.

Interest rates are at 12%. On 26 October, the State Bank of Pakistan raised its policy rate — the benchmark interest rate — by 50 basis points to 12%, effective from 27 October. It had been 11.5%. Higher rates make borrowing more expensive, but they can help banks earn more from lending — one reason bank shares did well — and can support the rupee. The State Bank’s next interest-rate decision is not due until 14 December.

Reserves are rising. Pakistan’s foreign exchange reserves rose to $26.86 billion in the week ended 30 October, near a record high, with the State Bank holding $21.56 billion of that total. Stronger reserves give the central bank more room to defend the rupee and pay for imports.

The rupee was steady. The dollar traded at about Rs276.6, little changed from the State Bank’s rate of Rs276.75 on 30 October.

Gold rose again. International gold, which fell below $4,000 an ounce at the end of October to $3,872, was trading at about $4,072 an ounce on Saturday. Gold had a very different week from shares: it rose while the stock market fell on Friday, as investors looked for safety.

Inflation is easing. October inflation came in at 9.6%, according to Business Recorder, inside the Finance Division’s forecast of 9.5% to 10.5% and below September’s 10.3%. Lower inflation makes it easier for the State Bank to hold rates steady, or even cut them later.

What this means for ordinary people

Most Pakistanis do not own shares, so why does a weekly rise or a daily fall matter to them? First, the stock market is a quick summary of what investors think about the economy. When the market falls on dearer oil, it is a warning that fuel, transport and food prices may come under pressure, because Pakistan imports its oil and pays for it in dollars.

Second, the same forces moving the market are moving household budgets. The rate at 12% affects the cost of loans. The gold price affects anyone buying jewellery for a wedding or saving in gold. The rupee’s value affects the price of imported goods, from fuel to cooking oil to mobile phones.

Third, one odd number from Friday needs explaining. A share called BAPLR1 fell 95.16% to Rs0.03. That looks like a crash, but it is not one: BAPLR1 is a right share — a new share issued to existing shareholders of Bawany Air Products at a very low price — and right shares trade at tiny prices by design.

Finally, the market’s mood and the household mood are not the same right now. Shares ended the week sharply higher, but consumer confidence fell to 34.9 in October, down from 36.6 in September, according to the State Bank, while inflation expectations rose. A rising stock market does not mean every household is feeling better off, and none of this is a reason to buy or sell shares.

What to watch next week

When the market reopens on Tuesday, 10 November, after the Iqbal Day holiday on Monday, five things will matter most. Oil prices: if Brent keeps rising, or there is fresh news about tankers in the Strait of Hormuz or attacks in the Gulf, the market is likely to stay nervous. Diplomacy around Iran: the rally was partly built on hopes of dialogue, and any progress — or any sign talks have stalled — is likely to move the market. The global AI sell-off: Friday’s fall was driven by doubts about AI spending in the United States. If that sell-off continues next week, Karachi is likely to feel it again. Company results: the results season is still going on, and more announcements from big banks, fertiliser companies and energy firms could move the index either way. COP31: the United Nations climate summit opens on Monday in Antalya, Türkiye.

Brokers pointed to support near 170,000 — a level below which buyers have tended to step in before, not a promise the index will not fall below it.

Frequently asked questions

What is the KSE-100 Index?

It is the benchmark index of the Pakistan Stock Exchange, the main stock market in Karachi. It tracks 100 of the largest companies listed on the exchange, weighted by size. The exchange dates back to 1947, when it was founded as the Karachi Stock Exchange, and the Karachi, Lahore and Islamabad exchanges were merged in January 2016 to form the Pakistan Stock Exchange.

What does “profit-taking” mean?

It means selling shares after they have risen, to lock in the profit. After four days in which the index gained nearly 9,000 points, some investors decided Friday was a good day to sell. That selling pushed prices down.

Why does the price of oil move the Pakistan stock market?

Pakistan imports almost all of its oil, so when world prices rise, the import bill rises, the rupee comes under pressure, and fuel and transport become more expensive. That hurts many companies’ costs. Oil and gas exploration companies can benefit from higher prices, but on Friday the worries won.

Why did one share fall 95% on Friday?

The share, BAPLR1, is a right share of Bawany Air Products — a new share issued to existing shareholders at a very low price. Right shares trade at tiny prices by design, so a 95% fall in its price is not a crash in the company’s shares.

Is the stock market open on Monday, 9 November?

No. The Pakistan Stock Exchange is closed on Monday, 9 November 2026, for Iqbal Day, a public holiday. Trading resumes on Tuesday, 10 November.

Conclusion

The first week of November gave Pakistan’s stock market two stories at once. The first was a rally: four days of gains, led by banks, cement and energy companies, helped by hopes of diplomacy, cheaper oil and strong profits, left the KSE-100 up 7,477.43 points, or 4.49%, on the week at 173,886.68. The second was a warning: a 1,493-point fall on Friday, dearer oil, renewed tension over Iran and a global sell-off in AI shares all point to a market that can turn quickly.

The week still ended well ahead. Investors are ready to buy when the news improves — and quick to sell when oil rises or the outlook darkens. Tuesday, after the long weekend, will show which story they believe more.

Sources

• Mettis Global via Bloom Pakistan, “KSE-100 ends Friday in red as 78 stocks decline”, 6 November 2026: https://bloompakistan.com/kse-100-ends-friday-in-red-as-78-stocks-decline/
• Pakistan Observer, “KSE-100 index closes at 173886”, 6 November 2026: https://pakobserver.com.pk/business/kse-100-index-closes-at-173886/
• The News, “KSE-100 soars 3,995 points on easing geopolitical concerns”, 4 November 2026: https://www.thenews.pk/print/1446862-kse-100-soars-3-995-points-on-easing-geopolitical-concerns
• The News, “KSE-100 gains 3,366 points on strong buying”, 5 November 2026: https://www.thenews.pk/print/1447044-kse-100-gains-3-366-points-on-strong-buying
• Mettis Global, “PSX Closing Bell: Green Without Brakes”, 5 November 2026: https://mettisglobal.news/PSX-Closing-Bell-Green-Without-Brakes-64818
• The Karachi Post, “PSX ends four-day bull run as AI regulation fears rattle global markets”, 6 November 2026: https://thekarachipost.com/psx-ends-four-day-bull-run-as-ai-regulation-fears-rattle-global-markets/
• Pakistan Today, “PSX rallies as KSE-100 gains 3,366 points, and KMI-30 jumps 4,834 points”, 5 November 2026: https://pakistanstoday.com.pk/business/psx-rallies-as-kse-100-gains-3366-points-and-kmi-30-jumps-4834-points/
• HisaabKaro, “KSE-100 Fell 3,560 Points in October: What to Do When Stocks Drop” (Arif Habib Limited earnings estimate), 2 November 2026: https://hisaabkaro.com/blog/kse-100-falls-october-2026/
• Bloom Pakistan, “Pakistan Stock Exchange Announces Holiday”, 4 November 2026: https://bloompakistan.com/pakistan-stock-exchange-announces-holiday/
• PSX Expert, KSE-100 end-of-day figures, 6 November 2026: https://psxexpert.com/

This article is for general information and education only. It is not legal or financial advice.