The Pakistan Stock Exchange had its best week in almost six months. The benchmark KSE-100 rose 7,477.44 points, or 4.5%, to close at 173,886.69 in the week to 6 November 2026, according to Business Recorder's weekly review.
It happened in the same week that the Nasdaq had its worst day since April 2025. The reason Karachi went the other way is oil: Pakistan is a large fuel importer, and a fall in crude from about $115 to under $99 a barrel is good news for its inflation, its import bill and its currency all at once.
The short version
- KSE-100: 173,886.69, up 7,477.44 points (+4.5%) on the week.
- Market value: up 2.8% to Rs 18.909 trillion (about $68.35 billion).
- Main driver: Brent crude down to about $98.50 from a weekly average of about $115.50.
- Best sector: cement, up 6.6%.
- Top stock: Pakistan Services (PSEL), up 26.7%.
- Headwinds: a proposed electricity tariff increase and a 15.3% rise in RLNG prices.
Why did the PSX rally?
1. Oil fell. Brent closed at about $98.50 a barrel after averaging about $115.50 the week before, on reports that Iran was open to diplomatic talks. For Pakistan that means a lower import bill, less pressure on the current account and lower inflation.
2. Fuel prices came down at home. Between 31 October and 7 November petrol fell by Rs 31.91 a litre, to Rs 346, and diesel by Rs 24.96, to Rs 378. We set out every change in our petrol price explainer.
3. Inflation eased. Headline inflation moderated, which keeps the door open for lower interest rates.
4. Reserves held up. The State Bank's liquid foreign exchange reserves rose by $39 million to $21.56 billion, and the Finance Minister said the external account remained comfortable.
5. Tax signals. The FBR chairman indicated the government intends to abolish the super tax, which listed companies pay on top of corporate income tax.
Which sectors gained the most?
| Sector | Weekly change |
|---|---|
| Cement | +6.6% |
| Power generation and distribution | +4.2% |
| Engineering | +4.0% |
| Commercial banks | +3.8% |
| Textile composite | +3.8% |
| Pharmaceuticals | +3.7% |
| Fertilizer | +3.1% |
| Technology and communication | +3.1% |
| Oil and gas exploration | +2.1% |
| Automobiles | +1.9% |
| Oil marketing companies | +0.9% |
Cement led because it gains twice from cheaper energy: lower fuel and power costs in production and lower freight on delivery. Oil marketing and refining lagged: falling oil prices usually mean inventory losses for companies holding fuel bought at higher prices.
Top gainers and losers on the PSX this week
| Stock | Weekly change | Close (Rs) |
|---|---|---|
| Pakistan Services (PSEL) | +26.7% | 1,248.07 |
| Pioneer Cement (PIOC) | +12.5% | 262.29 |
| D.G. Khan Cement (DGKC) | +12.5% | 200.41 |
| Cnergyico (CNERGY) | -11.3% | 12.10 |
| Attock Refinery (ATRL) | -9.8% | 982.16 |
| Nestle Pakistan (NESTLE) | -2.1% | 6,899.58 |
| Mehmood Textile (MEHT) | -2.0% | 125.46 |
The two biggest losers are both refiners, the mirror image of the oil trade.
What are the risks for the next few weeks?
- Power tariffs. CPPA-G has asked for an electricity tariff increase. If it is granted it pushes inflation back up.
- Gas. OGRA notified a 15.3% increase in RLNG prices, which raises costs for industry that runs on imported gas.
- Oil can turn. The whole rally rests on lower crude. A breakdown in US-Iran talks would reverse the logic.
- Debt. Total public debt rose by Rs 6.20 trillion in FY2026 to Rs 91 trillion, and the IMF continues to press for a wider tax base. Neither is a one-week story, but both cap how far sentiment can run.
- Global risk appetite. The AI-led sell-off on Wall Street hit Asian markets hard on 6 November. Pakistan was insulated this time; that is not guaranteed.
What does this mean if you run a business in Pakistan?
A rising index is not, by itself, a reason to do anything. The underlying drivers matter more: cheaper fuel, easing inflation and the prospect of lower rates make borrowing and expansion cheaper. If you have been thinking about a listing, we explained what a company has to have in place first in our PSX listing readiness guide.
This post describes what moved and why. It is not investment advice.
Frequently asked questions
What is the KSE-100 index today?
It closed the week to 6 November 2026 at 173,886.69 points, up 4.5% on the week.
Why is the PSX going up?
Mainly because oil prices fell sharply, which lowers Pakistan's import bill and inflation. Easing inflation, steady reserves and talk of abolishing the super tax helped.
Which PSX sector performed best this week?
Cement, up 6.6%, followed by power generation (+4.2%) and engineering (+4.0%).
Sources
Business Recorder, "PSX records strongest rally in six months", 9 November 2026; Express Tribune; PakWheels for fuel prices. As of 9 November 2026.
