The Pakistan Stock Exchange’s KSE-100 ended the week to Friday, 25 September 2026, at 170,765.22 points, down 119.78 points from 170,885 a week earlier. The change was about minus 0.1%, leaving the benchmark almost unchanged despite sizeable moves during the week.
Trading activity rose. Arif Habib Limited (AHL) figures put average daily volume at 670.2 million shares, up 48.2% week over week, and average traded value at $80.7 million, up 7.7%. The PSX market summary confirms the Friday closing level; the turnover averages are broker-reported market statistics.
A flat close with heavier turnover
The small net weekly decline does not mean the market was quiet. Higher turnover alongside a nearly flat index suggests that shares changed hands more actively without a broad net gain for the benchmark. It does not by itself show whether investors were buying or selling with conviction, and the index masks different outcomes across sectors and individual companies.
Investors were watching Pakistan’s engagement with the International Monetary Fund and the next steps in the programme review process. The IMF’s published programme report sets out review milestones, but market participants still need official announcements for any current decision or timing. Fiscal targets, external financing and the pace of reforms can influence expectations for rates, liquidity and listed firms.
Oil prices remain an external risk
Brent crude futures settled at about $104.32 a barrel on 25 September, near $105, after falling roughly 2.1% that day. That is the futures settlement for the session, not a domestic pump price. Pakistan imports most of its crude and petroleum products, so sustained oil costs can raise the import bill and affect local fuel pricing, transport and production costs.
The State Bank held about $21.4bn in reserves on 18 September. That weekly snapshot supports the external-sector context but does not guarantee a particular exchange-rate path. Oil, remittance receipts, export earnings and official financing all influence the balance of external payments over time.
What investors may watch next
Near-term attention is likely to stay on official IMF communications, monthly economic releases and global energy prices. These can change assumptions about imported inflation, interest rates and corporate margins, but a weekly index move cannot isolate the effect of any one factor. Investors also compare earnings, valuations and company-specific disclosures.
The next PSX sessions will show whether elevated turnover continues and whether the index breaks from its narrow weekly range. PakFiscal will track the official close and macroeconomic context; readers can also review its debt-service analysis for background on the federal interest-cost burden.
For now, the measured conclusion is that the benchmark finished almost flat on the week, while trading activity strengthened and international oil remained expensive. Those are separate signals: volume captures activity, whereas the index records the net movement in selected shares.
