The floor test arrives: KSE-100 falls 0.97% to 173,636.07, 117 points above the reclaimed level, as the refinery unwind hits limit-down
KSE-100
173,636.07
-0.97%
KSE-30
51,703.15
-1.13%
KMI-30 (Shariah)
247,520.67
-1.09%
All-Share
105,405.30
-0.97%
Market Pulse
Monday's 679m tape thinned from Friday's 874m and its heaviest declining prints were refinery names: CNERGY's 82m at -6.47% - its volume now barely a quarter of the 17 August peak of 313m - and PRL's 40m at the full -10.00%, with NRL down 3.88% and ATRL 3.05%. The bid that remained sat in the securities complex and the fringe: FCSC rose 8.81% on 41m, TSBL - the old speculative leader, quiet since mid-August - returned with 4.47% on 36m, TISL eased 1.61% on 32m after three band runs, and PACE added 2.72% on 20m. THCCL turned 16m easing 0.80%, BOP held flat at -0.11% on 17m, TPL rose 2.56% on 14m and KEL 0.70% on 10m. The bank tape beyond BOP was thin and soft - UBL down 2.69%, AKBL up 1.54% - and at the fringe WAVESAPPR swung 22.64% lower inside its band while MDTL ran its own 15.02% higher a second straight session.
Sector micro-analysis
Fourteen of 34 sectors closed higher, almost all of them light: the Close-End Mutual Funds' 2.81% led on three names, Technology and Communication rose 1.85% on a nine-up, 12-down split as TPL gained 2.56%, the Real Estate Investment Trusts added 1.46% and the securities complex 1.45% with 17 of 30 higher - its second firm session in three - with Insurance up 0.79%. Almost nothing else with index weight advanced - Cement's 0.15% and Chemical's 0.21% the marginal exceptions. The Refinery sector's 5.85% collapse was the deepest sector fall of the September unwind, its third consecutive clean sweep lower compounding to about 10.5%, and Cable and Electrical Goods followed at -3.54%. The engine selling was broad: Power Generation and Distribution fell 1.58% with one advancer in 17, Food and Personal Care Products 1.42% with 21 of 24 lower, Oil and Gas Marketing 1.34%, the E&Ps 1.22% in a clean sweep, Commercial Banks 1.02% with only AKBL and one other name higher, and Fertilizer 0.74% with all five traded names down or unchanged - no advancers among them.
| Sector | Avg change | Breadth (A / D) |
|---|---|---|
| Close - End Mutual Fund | +2.81% | 2 / 1 |
| Technology & Communication | +1.85% | 9 / 12 |
| Real Estate Investment Trust | +1.46% | 4 / 1 |
| Inv. Banks / Inv. Cos. / Securities Cos. | +1.45% | 17 / 10 |
| Synthetic & Rayon | -1.65% | 0 / 3 |
| Cable & Electrical Goods | -3.54% | 2 / 6 |
| Refinery | -5.85% | 0 / 4 |
Most active
- CNERGY 82m Rs 13.02 -6.47%
- FCSC 41m Rs 5.31 +8.81%
- PRL 40m Rs 88.84 -10.00%
- TSBL 36m Rs 2.57 +4.47%
- TISL 32m Rs 4.29 -1.61%
Gainers
- MDTL Rs 7.66 +15.02%
- TSMF Rs 16.69 +10.02%
- OCTOPUS Rs 31.32 +10.01%
- POWERPS Rs 27.37 +10.01%
- PIM Rs 51.45 +10.01%
Losers
- WAVESAPPR Rs 0.41 -22.64%
- GSPM Rs 6.39 -11.37%
- ARPAK Rs 130.40 -9.99%
- PRL Rs 88.84 -10.00%
- PPP Rs 168.08 -10.00%
Market Action
Foreign (FIPI) net
−PKR 122.52m (−$442.30k)
Local (LIPI) net
+PKR 122.52m
Source: NCCPL FIPI/LIPI · settled 7 Sept 2026
Foreign investors were net sellers of PKR 122.52m (USD 0.4m); local investors were net buyers of PKR 122.52m. the internals read as the unwind of one trade dragging a soft market to its floor. Down-volume of 380m outran the 283m in advancing names with 310 of 495 names lower, but the weight was narrow - the refinery complex alone supplied 124m of the declining side, and no engine sector fell even 2% - while the securities complex and the speculative fringe absorbed what bid there was, FCSC's 41m and TSBL's 36m the heaviest advancing prints. The foreign ledger resumed selling after Thursday's one-day flip: a net sell of PKR 198.20m on Friday and PKR 122.52m on Monday, both far lighter than the seven-session run that totalled roughly PKR 4.8bn, with local investors back on the buying side both days.
Outlook
- •The floor test has effectively arrived: at 173,636.07 the index sits 117 points - less than 0.1% - above the reclaimed 173,518.81 level, its thinnest cushion since late July, with the record roughly 7.37% away.
- •The refinery unwind is accelerating, not exhausting: three consecutive clean sweeps lower compound to about 10.5%, PRL has gone from its up circuit to its down circuit inside five sessions, and CNERGY's volume has drained to 82m from a 313m peak - the trade that made August's tape is being carried out.
- •The selling remains narrow in weight even as it broadens in count - 310 decliners but no engine sector down 2%, foreign sells of PKR 198.20m and PKR 122.52m far lighter than the earlier PKR 4.8bn run - which leaves the test resting on whether the local bid that absorbed August holds at the level itself.
What to watch
- •Whether the 173,518.81 floor holds on contact - Monday closed 117 points above it after a 0.97% fall, the thinnest cushion since the level was reclaimed
- •Whether the refinery capitulation finds its end - three clean sweeps compound to about 10.5%, PRL closed at its down circuit, and the complex's volume is draining rather than climaxing
- •Whether foreign selling stays light - net sells of PKR 198.20m on Friday and PKR 122.52m on Monday resumed the outflow at a fraction of the seven-session PKR 4.8bn run
- •USD/PKR, SBP rate signals and the global crude tape
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Produced by Wealth Street - a SECP-regulated PSX & PMEX broker - for information and education only. Not investment advice or a solicitation. Figures are derived from the PSX data portal and presented as Wealth Street commentary, not a redistributed data feed; breadth and sector stats cover the tracked large-cap universe. Flows are directional estimates unless attributed to NCCPL FIPI/LIPI data. Please read our Risk Disclosure.