Pakistan Capital Market Resilient Despite Global Shock in Q3 FY2026

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) PRESS RELEASE For immediate release Pakistan's Capital Market Shows Resilience Despite Global Shock, April 23, 2026 War Fallout: SECPISLAMABAD, April 23: Pakistan's capital market remained resilient in Q3 FY2026 despite a difficult global backdrop shaped by the US-Iran war, rising oil prices, higher freight and insur-ance costs, and broad risk-off sentiment.The SECP has issued a Quarterly Market Review for Q3 FY2025-26, covering equity market performance, investor activity, debt markets, macro trends, global factors, and key reforms. The report said the conflict pushed Brent crude up by 10-13% in the early days of the war. US software stocks declined about 23%. The S&P 500 fell 4.3%, MSCI Europe ex-UK dropped 3.2%, MSCI Asia slipped 1.1%, and MSCI Emerging Mar-kets eased 0.1%. Against this backdrop, Pakistan's KSE-100 declined 14.54% during the quar-ter. Despite this, strong domestic investors participation, continued primary market activity, and regulatory reforms helped sustain market confidence. The KSE-100 started the quarter at 174,054 points. It reached an all-time high of 191,033 on January 26. It then closed at 148,743 on March 31. The intra-quarter low was 144,119 on March 19, showing a peak-to-trough decline of 22.57%. The KSE All Share index fell 14.85%, while the KSE-30 declined 15.52%. January remained strong, with the KSE-100 gaining 5.81%. Sentiment weakened in February due to rising costs, geopolitical risks, and profit-tak-ing, leading to a 3.75% decline. The correction deepened in March, with the index falling 11.50%. Despite the decline, market activity remained strong. Market capitalisation fell from PKR 19.69 trillion to PKR 16.53 trillion, a drop of PKR 3.15 trillion. Total traded volume stood at 48.8 billion shares, while traded value reached PKR 2.68 trillion. Average daily volume was 791.7 million shares and average daily value was PKR 44.03 billion. Around 485 symbols remained active per session, indicating broad participation. Domestic investors played a key stabilising role. Foreign investors recorded net outflows of PKR 111.61 billion. Foreign corporates alone sold PKR 117.07 billion. Local institutional and retail investors absorbed this entirely, with net buying of PKR 111.55 billion. Companies led with PKR 73.51 billion in purchases, followed by mutual funds at PKR 23.78 billion and individuals at PKR 20.25 billion. Trading remained concentrated in blue-chip stocks. National Bank of Pakistan led with PKR 182.42 billion in traded value. It was followed by Pakistan Petroleum, OGDC, Fauji Fertilizer, and Habib Bank. By volume, K-Electric led with 4.64 billion shares, followed by Bank of Punjab and WorldCall Telecom. Primary market activity continued. SECP approved three IPOs during the quarter, reflecting sustained confidence in capital markets. On the debt side, three GoP Ijara Sukuk auctions were held with a target of PKR 800 billion. Bids reached PKR 2.03 trillion, with a bid-to-cover ratio of 2.54 times. The government accepted PKR 811.53 billion. Secondary debt market activity also remained strong. GoP Ijara Sukuk worth PKR 185.14 bil-lion were traded in 2,062 transactions. Trading on the PSX bills and bonds counter reached PKR 260.94 billion. Two privately placed corporate sukuk were also listed during the quarter. The SECP said the quarter was exceptionally challenging. However, the market showed du-rability under stress. Strong participation by domestic institutional and retail investors, active debt markets, IPO activity, and regulatory reforms supported stability.These factors indicate improving fundamentals and support long-term growth and investor confidence in Pakistan's capital market.

󱐍󳦘󳛒󲰅󲄔󲧶󱃥󱷂󰡦󲆪󲡻󱡨SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP)󲏵󰶾󳭋󲃰󲵤󱳨󱁻󰡦󲆪󲏵󰶾󲡻󱡨󲳱󳄡󳛒󲧶󱏒󰑐󲃯2026󱀊󲤨󲧶󳕣󲄔󲧶󲃺󱷂󱉐 PRESS RELEASE󳣿󳛌󱓭󰝊󱈀󳭯󱆹󲡻󱡨󳟬󳄡󰛐󳉵󳋠󱭌󱝀󳄡󱳙󲃯󰑥󳩓󲯨For immediate release April 23, 2026 󲃯󲄔󲧶󳄡󰝏󳜩󲃯󰛐󰛐󳛒󲧶󱏒󱳨󲄔󲧶󲃺󲧴󲆪󳛒󲧶󱏒󰑐󲃯26-2025󱀊󲤨󲧶󳕣󱐍󳦘 󳜩󳭪󲃰󱠙󰶾󱳨󰶾󱛧󳙞󲺍󱥬󲡻󱡨󰝊󱙉󲵮󲄔󲧶󳁍󳭧󱆅󲃯󱳨󳭋󲧶󱆅󲎸󱶸󱳨23󳤀󰉉󳄡󱶹󱃥󳭘󱩚󱀊󳩣󲯨󳛌󱭌󱝀󱭼13󱓭10󳄡󱳗󲃯󰑥󰼀󳄡󳒹󳢩󲆪󲵊󲆪 󳢩󱐍󳦘󳪻󰛖󱭼1.1󳄡󳧛󳢩󱐍󳦘󳪻󱭼3.2󳄡󳭊󳢩󱐍󳦘󳪻󱭼4.3󳄡500󳬊󳦘󳢩󱼳󱭼 󳭋󲧶󱆅󳁍󲸍󳙞󳛌󱻤󱭼14.54󳨱100󳦘󲆪󱳨󱷂󳄡󲾒󲎵󲃯󳨜󱼳󱭼0.1󳄡󲄗󲧶󳫆 󱿧󱿉󱢁󲆪󲄔󲧶󳕣󰶾󱛧󲥄󳩹󳁍󳭧󱆅󲃯󲄔󲧶󳡾󳭯󳱚󱕈󲴽󲃯󱳨󳭯󱆹󳫧󳦔󲃯191,033󱿉󰡕26󳭋󰎞󳭯󳢍174,054󳭯󱦒󲆪󳛒󲧶󱏒󳨱100󳦘󲆪 󳜩󰐷󱶸󱠺󱿉󱼳󱭼22.57󳭯󱠘󱥰󲬐󰡦󳛒144,119󱆹󳫧󱻤󱈥󱿉󲧶19󳛌󳭯󳢍148,743󱿉󲧶31 󳢩󱼳󱭼15.52󳄡30󳦘󲆪󰛖󱭼14.85󳄡󳨱󱚌󳦘󲆪󳭬󱫂󲼐󱐍󱐎󳢩󱭝󰝽󲏵󳜾󳄡󳛌󱭌󱝀󱭼5.81󳄡100󳦘󲆪󳛒󲴽󲄔󲧶󳄡󰡕 󲎵󳛌󱭼11.50󱶸󱼳󳭋󳄡󲧶󳢩󳛌󱼳󱭼3.75󲆪󰝊󲆪󳧴󲎵󳛌󰁀󲀷16.53󱶸󳛌󱻤󱓭󰁀󲀷19.69󳧏󲄔󲧶󳛒󲴽󳁍󳭧󱆅󲄔󲧶󰡦󲆪󱼳 󰷽󱆴󳄣󳭊󳛒󰁀󲀷2.68󲤹󲧶󲃯󳫧󲧗󰛖󳛌󱳨󱳨󱚌48.8󳭯󱠘󱥰󲬐󱼳󲃯󰁀󲀷3.15 󳜩󰐷󱶸󱠺󱿉󳱚󱕈󱑆󰡦󳢩󳛌󳭮󳄡󱻽485󳤀󰉉󱑄󱭜󳛒󰁀44.03󲤹󲧶󱆴󱚌󲻩791.7

󳕣󱳨󳭋󲧶󱆅󳁍󲸍󰛖󲆩󱚌󲆪󰁀111.61󳕣󱳨󳭋󲧶󱆅󲺾󱨭󲃰󱶸󳙞󳕣󱳨󳭋󲧶󱆅󳁍󲸍  󳭋󲧶󱆅󳍙󰁀23.78󳕣󱬽󰭌󳄢󰁀73.51󳕣󱻽󲃯  󲘰󰼀󲃯󰁀111.55  󲃯  󲃯󰁀20.25󳕣󱳨      󰥹󲧈󱷂󲆪󳕤󱭏󱆅󰎝󱀊󲆪󰁀182.42󱷂󳔙󳛒󲭭 󱻽   󳭮    󳕤󱭏󱆅󰎝󱀊󲆪󱚌4.64󲦟󲆪󱓭󲕣󲆪󰷽󳜩󲺍 󰷑 󰙡 󰥹󱭋󱐍󱈙󰛐󲪧󰹽󰑶󳄡󲄔󲧶󲎵󲾕󲃯󳢩󰑶󲆪󳛒󲧶󱏒󳛒󰛐󳁍󳭧󱆅󳄡󲄔󲧶󳡾󳭯 󰁀811.53󳕣󰹽󰛖󳣻󲤩󲃯󰁀󲀷2.03󳄡󳄢󳔻󰎞󰁀800󳗈󱳨󰠒󳣻󳛌󳁎󳔻 󲆩󱯉   󳬊󲆪󳨱󳦘󳛌󳄡󳩄󳭮2,062󱳨󱳨󱈙󲆪󰁀185.14󳛒󳁍󳭧󱆅󳄡󲄔󲧶 󳒹    󲎷󲆩󲗛󱈙󳈋󱤓󲆪󳢩󳛌 󳭮󲃯󰁀260.94󳄡󲄔󲧶󲃯󲄔󲧶󱳨󳭋󲧶󱆅󳁍󲸍󱿧󱁻󰡦󲆪󳕣󲄔󲧶󳙞󰐞 󳢩󳆌󳛒󲧶󱏒󳭋󲵊󲆪󱐍󳦘 󱮴󱝀󳄡󱢁󲆪󱳨󳭋󲧶󱆅󱲼󰐷󲯥󳪂󱠘󳄡󲄔󲧶󲃺󱷂󲺍󱥬󳭋󱏓󱿉󲄔󲧶󳕣󰶾󱛧󳢩󳁍󳭧󱆅   󳜡󰒈󱶸󳛒󳭡 󲃯