Back above the July low: KSE-100 adds 0.16% to 171,153, its first close above 171,021 since 9 September, as the refineries sweep 3.01% higher and TISL runs 22.9% on 120m
KSE-100
171,153
+0.16%
KSE-30
50,902
+0.04%
KMI-30 (Shariah)
243,766
+0.26%
All-Share
103,477
+0.17%
Market Pulse
Monday's 636m tape put 505m through advancing names against 128m in declining ones, a split of nearly four to one, and its three heaviest prints were all band runners. TISL was the most active name at 120m, closing 22.9% higher at Rs 5 from Rs 4.07 - the Rs 1 circuit allowing a move well beyond 10% on a low-priced stock - with FNEL up 14.5% on 74m and MDTL 11.6% on 70m after Friday's 13.2%. The refinery complex was the index-weight side of the volume: CNERGY rose 2.2% on 60m, its heaviest print since 14 September, and PRL 4.8% on 29m, with ATRL 3.2% and NRL 1.8% on small size completing the sweep. PIBTL added 3% on 21m and ASTL 3.4% on 10m, a fifth straight rise. The engines were quiet and mixed: MLCF flat on 9m, PACE up 0.2% on 7m, KEL down 1.2% on 6m, PAEL 0.8% on 6m, NCPL 0.1% on 5m, DGKC up 0.1% and ASL down 1% on 4m each. The heavyweights barely moved - PPL and OGDC off 0.2%, HBL up 0.3%, TRG and NETSOL 0.6% - and GGL gave back 2%. The losers list was second-line: FECM off 8.4%, OML 7.7% after Thursday's limit-up, ARMG 6.9%, JKSM 6.7% and PIM 6.1%.
Sector micro-analysis
Twenty-two of 33 sectors closed higher and two swept higher outright: Transport at 3.4% with five of six traded names up and none lower on PIBTL's 3%, and the Refinery sector at 3.01% with all four - PRL 4.8%, ATRL 3.2%, CNERGY 2.2%, NRL 1.8% - its first clean sweep higher since 11 September after lagging the index in the three previous rally sessions. Textile Weaving added 2.82% and Textile Spinning 2.81% with 20 of 29 higher, the securities complex 1.3% with 14 of 28, Property 0.84%, Sugar and Allied 0.78% and Chemical 0.76% despite 13 of 22 names lower. The engines were all but flat: Commercial Banks rose 0.4% with 10 of 17 traded names up on HBL's 0.3%, Fertilizer 0.22%, the E&Ps 0.1% with PPL and OGDC each off 0.2%, Technology and Communication 0.08% with 10 of 20 lower, Cement fell 0.12% with MLCF flat and DGKC up 0.1%, Engineering 0.1% despite ASTL's 3.4%, and Power Generation and Distribution 0.27% with 10 of 16 lower on KEL's 1.2% and PKGP's 2.1%. Apparel was the deepest decliner at -1.75%, with Cable and Electrical Goods off 0.83% with six of seven lower, Automobile Parts and Accessories 0.65%, and Oil and Gas Marketing 0.04% the day after its clean sweep higher.
| Sector | Avg change | Breadth (A / D) |
|---|---|---|
| Transport | +3.40% | 5 / 0 |
| Refinery | +3.01% | 4 / 0 |
| Textile Weaving | +2.82% | 3 / 2 |
| Textile Spinning | +2.81% | 20 / 8 |
| Automobile Parts & Accessories | -0.65% | 1 / 5 |
| Cable & Electrical Goods | -0.83% | 1 / 6 |
| Apparel | -1.75% | 1 / 3 |
Gainers
- TISL +22.90%
- FNEL +14.50%
- MDTL +11.60%
- ASHT +10.00%
- DFSM +10.00%
Losers
- FECM -8.40%
- OML -7.70%
- ARMG -6.90%
- JKSM -6.70%
- PIM -6.10%
Most active
- TISL 120m +22.90%
- FNEL 74m +14.50%
- MDTL 70m +11.60%
- CNERGY 60m +2.20%
- PRL 29m +4.80%
Market Action
Foreign (FIPI) net
−PKR 333m (−$1.2M)
Local (LIPI) net
+PKR 333m
Source: NCCPL FIPI/LIPI · settled 21 Sept 2026
Foreign investors were net sellers of PKR 333m (USD 1.2m); local investors were net buyers of PKR 333m. the internals read as a market that held its ground while the speculative tape ran. Up-volume of 505m outran the 128m in declining names nearly four to one, but 264m of it - TISL's 120m, FNEL's 74m and MDTL's 70m - was three band names at or beyond the 10% mark, and the index engines barely moved: the KSE-30 closed flat, the banks added 0.4%, the cements and power names slipped. The one index-weight bid was the refinery complex, back in the lead for the first time since 11 September, CNERGY's 60m the heaviest refinery print since 14 September and PRL up 4.8%. Breadth at 208 to 190 confirmed the quiet centre. Foreign investors were net sellers of PKR 333m, a fourth straight net sell after PKR 306m, 228m and 360m - roughly PKR 1.23bn over the four sessions - and the third of those sessions to close higher regardless.
Outlook
- •The index reclaimed the 24 July low on a third straight gain: 171,153 is the first close above 171,021 since 9 September, about 8.7% below the record and 1.89% above the 14 September correction low, with the 173,519 level abandoned on 8 September roughly 1.36% overhead.
- •The refinery complex rejoined the rally after five sessions out of the lead - a 3.01% clean sweep on CNERGY's 60m and PRL's 4.8% - but the index engines stayed flat, the KSE-30 closing at +0.04% while three band names put 264m through the tape at double-digit gains.
- •Foreign selling has now run four straight sessions - roughly PKR 1.23bn - into a market that rose on three of them, a divergence that has so far been absorbed by local buyers rather than pressing on the index.
What to watch
- •Whether the run extends to four sessions - a fourth straight gain would be the first since the run that ended at the 6 July record - and whether 171,021 holds as a floor from above
- •Whether the band runners reverse - TISL, FNEL and MDTL put 264m through the tape at 22.9%, 14.5% and 11.6%, MDTL's second straight double-digit gain
- •Whether foreign selling persists after four straight net sells of roughly PKR 1.23bn combined, and whether the engines - banks, cements, power - follow the refineries higher
- •USD/PKR, SBP rate signals and the global crude tape
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