PSX experienced a largely uneventful session as the KSE-100 Index moved sideways and closed at 188,203, down 385 points (-0.20%).
The market lacked clear direction as investors continued to digest SBP’s surprise “No-Change” policy decision announced a day earlier, leading to cautious trading behavior across most sectors.
On the policy and legal front, sentiment was influenced (on a temporary basis) by the Constitutional Court’s ruling, which upheld Section 4B of the Income Tax law, reaffirming Parliament’s authority to levy income tax, declaring earlier High Court decisions related to the super tax were partially invalid, adding a layer of uncertainty for select corporates.
From a macroeconomic perspective, SBP’s active presence in the foreign exchange market remained in focus. The central bank conducted net FX interventions amounting to USD 10.8bn between Jun’24 and Oct’25, with USD 1.03bn recorded in Oct’25 alone, underscoring efforts to manage external stability.
On the corporate side, SAZEW announced its 2QFY26 results, posting EPS of Rs. 66.56 (up 67% YoY but down 9% QoQ), falling short of street expectations of Rs. 73–78. The company also declared a dividend of Rs. 15 per share alongside the results.
Index-wise, ENGROH, EFERT, HUBC, LUCK, and MCB acted as key laggards, collectively dragging the index by 857 points. In contrast, today’s momentum saviors were FFC, MEBL, PPL, SYS, and BAFL added 952 points, helping offset downside pressure.
Overall market participation remained moderate, with total volumes of 745.4mn shares and a turnover of PKR 52.9bn, while KEL led the volume chart with 90.1mn shares traded.
Going forward, the market is expected to consolidate within the 185k–190k range, with 185k likely to serve as the first key support level.