AABS 705.50 17.50 AATM 44.88 2.62 ABL 172.75 -0.16 ABOT 926.50 1.72 ACIETF 16.22 -0.32 ACPL 237.63 -4.37 ADAMS 66.80 0.75 ADMM 51.12 0.28 ADOS 29.00 0.00 AEL 33.68 1.68 AGHA 6.56 0.00 AGIC 40.00 -0.50 AGICR2 5.92 0.27 AGIL 144.09 -0.13 AGL 45.12 1.02 AGP 155.48 -0.52 AGSML 9.36 0.37 AGTL 344.53 0.52 AHCL 15.42 0.01 AHL 113.71 -0.27 AHTM 87.91 -4.77 AICL 95.33 0.83 AIRLINK 118.58 -0.42 AKBL 105.24 -0.21 AKDHL 151.22 8.22 AKDSL 32.77 -0.16 AKGL 57.85 4.74 ALAC 22.53 0.63 ALIFE 29.54 0.28 ALNRS 118.52 2.32 ALTN 6.25 -0.10 AMBLR4 19.71 -0.19 AMTEX 4.02 -0.07 ANL 8.60 -0.07 ANSS 22.16 -1.32 ANTM 69.00 -3.95 APL 570.81 -7.19 ARCTM 50.95 -1.05 ARM 27.90 0.00 ARMG 55.19 3.34 ARPAK 119.97 2.97 ARPL 378.72 -4.26 ARUJ 9.61 -0.09 ASC 7.90 0.00 ASCR2 0.02 -0.05 ASHT 39.44 -3.44 ASIC 35.66 -0.74 ASL 15.46 -0.09 ASTL 16.56 0.45 ASTM 66.20 0.00 ATBA 159.98 1.48 ATIL 74.50 0.00 ATLH 1,567.71 -0.19 ATRL 1,205.07 3.85 AVN 27.29 -0.26 AWTX 1,601.11 -160.11 AWWAL 10.00 0.00 BAFL 56.30 0.08 BAFS 463.15 12.02 BAHL 150.19 -0.31 BAPL 42.30 -0.60 BATA 856.14 2.14 BBFL 36.81 -0.29 BCL 65.06 0.07 BCML 42.60 1.39 BECO 4.27 -0.05 BELA 67.65 -9.85 BERG 114.24 1.19 BFAGRO 26.79 -0.41 BFBIO 124.18 2.16 BFMOD 21.43 1.13 BGL 9.28 -0.01 BHAT 783.53 -16.45 BIFO 104.51 0.37 BILF 38.39 -1.11 BIPL 24.65 -0.09 BIPLS 38.63 -0.36 BML 57.51 0.45 BNL 5.07 -0.06 BNWM 60.92 0.22 BOK 26.60 -2.32 BOP 29.08 -0.28 BPL 48.04 -2.15 BRRG 39.30 -1.20 BTL 802.99 -0.01 BUXL 362.63 12.61 BWCL 444.18 2.18 BWHL 211.22 -4.27 CASH 50.30 0.30 CCM 39.48 -1.52 CENI 60.50 3.01 CEPB 25.34 -0.36 CFL 51.02 -4.24 CHAS 84.37 3.35 CHBL 8.82 -0.35 CHCC 268.89 -2.11 CLCPS 3.24 -0.16 CLOUD 62.85 0.00 CLOV 6.09 0.00 CLVL 23.87 -0.50 CLVLR 0.08 -0.22 CNERGY 12.52 0.11 COLG 1,091.98 10.98 CPHL 64.76 0.27 CPPL 93.84 -0.14 CRTM 56.00 -1.45 CSAP 89.55 -0.40 CSIL 5.11 -0.13 CSILR3 1.88 0.27 CTM 6.57 -0.27 CWSM 51.18 0.19 CYAN 41.91 -1.06 DAAG 111.99 0.00 DADX 176.81 1.81 DATM 2.35 -0.20 DAWH 275.28 15.28 DBCI 11.90 -0.58 DCL 9.21 -0.11 DCR 39.65 0.20 DEL 16.81 -0.20 DFML 16.46 -0.39 DFSM 15.00 0.60 DGKC 184.38 -1.82 DHPL 26.55 -0.42 DIIL 62.32 1.07 DINT 58.00 -1.00 DLL 42.15 -1.84 DMC 175.20 0.20 DMTM 8.56 0.04 DMTX 34.96 0.46 DNCC 18.06 -0.42 DOL 31.65 0.53 DSIL 18.07 2.57 DSL 4.24 0.02 DSML 51.25 1.24 DWAE 22.91 1.41 DWSM 7.30 -0.11 DWTM 9.94 0.44 DYNO 344.97 -1.53 ECOP 48.60 -0.40 EFERT 192.02 1.52 EFGH 75.72 -4.68 EFUG 122.46 -7.54 EFUL 109.53 -2.97 ELCM 243.00 0.00 ELSM 193.67 7.62 EMCO 30.59 -0.23 ENGRO 485.38 3.39 ENGROH 263.50 0.10 EPCL 31.86 0.41 EPQL 23.77 -0.23 ESBL 10.97 -0.23 EWIC 59.25 3.10 EXIDE 405.03 -4.86 FABL 92.13 -0.54 FANM 9.98 -0.12 FASM 324.99 -17.91 FATIMA 135.44 -2.46 FCCL 52.12 -0.28 FCEL 4.82 -0.27 FCEPL 131.52 -1.28 FCIBL 40.37 3.38 FCL 26.62 -0.12 FCSC 5.12 0.03 FDIBL 2.92 -0.17 FDPL 4.21 0.07 FECM 18.43 0.43 FECTC 93.33 0.56 FEM 12.31 0.21 FEROZ 328.26 -1.76 FFBL 88.94 8.43 FFC 534.86 -1.64 FFL 14.03 -0.17 FFLM 13.18 -0.21 FHAM 27.75 -0.15 FIBLM 15.69 0.19 FIL 317.22 0.00 FIMM 253.50 -26.45 FLYNG 35.54 1.28 FMLR 44.06 -0.93 FNEL 1.14 -0.03 FPJM 20.69 -0.41 FPRM 13.09 -0.91 FPRMR2 1.06 -0.09 FRCL 77.75 -7.23 FRSM 40.02 0.02 FSWL 133.98 -5.02 FTMM 18.56 -0.62 FTSM 46.04 4.07 FUDLM 8.00 0.55 FZCM 286.84 -2.16 GADT 284.71 -8.28 GAL 494.36 -7.64 GAMON 18.68 -0.16 GATI 80.94 -1.06 GATIR 15.04 0.04 GATM 20.16 -0.12 GCIL 30.93 -0.06 GCILB 9.30 -0.22 GCWL 12.53 -0.22 GCWLR 9.01 0.00 GDL 17.63 -0.34 GEMBCEM 11.25 0.00 GEMBLUEX 5.51 -0.18 GEMMEL 41.09 3.84 GEMNETS 22.51 0.00 GEMPACRA 43.33 -6.07 GEMPAPL 10.00 0.00 GEMSPNL 85.95 8.05 GEMUNSL 20.00 0.00 GFIL 26.95 -0.04 GGGL 7.51 -0.12 GGL 19.25 0.24 GHGL 39.16 0.15 GHGL 40.11 -0.89 GHNI 1,016.23 1.23 GHNL 33.90 -0.30 GIL 2,649.30 240.85 GLAXO 316.60 2.80 GLPL 700.00 0.00 GOC 197.08 25.98 GRR 16.84 -0.35 GRYL 22.19 0.09 GSKCH 120.23 -3.98 GSPM 7.63 0.33 GTECH 8.58 -0.22 GTYR 24.79 0.13 GUSM 8.59 -0.01 GVGL 52.03 -1.17 GWLC 46.17 -0.13 HABSM 80.00 0.00 HACC 18.65 1.30 HAFL 458.90 8.90 HALEON 685.40 3.62 HASCOL 17.84 -0.06 HBL 295.76 -3.34 HBLTETF 106.63 0.00 HCAR 206.60 -0.40 HCL 959.26 9.26 HGFA 13.50 -0.02 HICL 8.00 0.15 HIFA 4.80 -0.09 HINO 310.61 -2.38 HINOON 929.10 -5.89 HIRAT 5.51 -0.04 HLEL 24.72 -1.24 HMB 95.01 0.49 HMM 5.80 0.01 HPL 3,961.82 10.72 HRPL 18.83 -0.06 HSPI 8.81 0.82 HTL 36.46 -0.18 HUBC 200.15 0.48 HUMNL 9.38 -0.08 HUSI 45.03 -0.97 HWQS 18.72 -0.18 IBFL 251.99 0.98 IBLHL 41.12 -0.38 ICCI 14.90 0.90 ICI 591.53 -3.37 ICIBL 15.85 -0.39 ICL 129.36 -2.20 IDEAL 55.00 -0.42 IDRT 31.68 0.68 IDSM 60.72 3.52 IDYM 138.46 1.76 IGIHL 250.76 -9.23 IGIL 18.91 1.56 ILP 94.73 -0.97 IMAGE 22.85 -0.15 IML 24.07 -1.93 IMS 17.10 -0.74 INDU 1,790.36 -26.52 INIL 158.97 0.96 INKL 101.50 8.40 INL 20.39 -0.25 IPAK 34.77 -0.23 IREIT 7.78 -0.16 ISIL 1,802.81 -20.19 ISL 78.26 -0.34 ITANZ 29.93 -0.22 ITTEFAQ 7.64 -0.15 JATM 42.05 3.55 JDMT 139.94 -3.05 JDWS 835.82 -48.01 JGICL 77.00 -0.94 JKSM 403.47 0.97 JLICL 104.31 -0.89 JOPP 160.06 -11.94 JSBL 12.05 0.02 JSBLR1 0.01 0.00 JSCL 20.00 -0.38 JSGBETF 38.33 -0.13 JSGCL 132.65 -7.35 JSIL 33.00 -2.93 JSMFETF 10.74 -0.02 JSML 49.28 0.26 JSRR 10.95 0.00 JUBS 49.20 -0.80 JVDC 136.62 0.84 KAPCO 26.58 0.07 KASBM 1.19 0.00 KCL 150.15 -0.05 KEL 6.05 0.00 KHSM 11.65 0.00 KHTC 269.06 5.06 KHYT 1,784.73 49.72 KML 8.49 0.54 KOHC 85.64 -0.43 KOHE 14.93 0.53 KOHP 23.47 1.92 KOHTM 92.75 7.95 KOIL 37.41 2.72 KOSM 5.38 0.05 KPUS 745.47 57.47 KSBP 205.98 1.98 KSBP 112.37 -2.61 KSBPR 3.02 0.72 KSTM 12.50 0.00 KTML 39.86 -0.34 LCI 198.91 -2.09 LEUL 65.00 -2.49 LIVEN 30.37 -0.62 LMSM 63.91 0.00 LOADS 12.06 0.05 LOADSR1 0.09 -0.10 LOTCHEM 26.38 -0.51 LPGL 72.60 5.11 LPL 18.55 0.53 LSECL 5.33 -0.02 LSECLR 0.36 -0.39 LSEFSL 3.19 0.11 LSEPL 4.65 -0.05 LSEVL 12.59 -0.12 LUCK 405.38 -2.62 MACFL 93.06 3.96 MACTER 249.15 -3.85 MARI 639.22 -0.83 MARI 634.37 2.39 MCB 379.12 -8.18 MCBAH 24.00 0.00 MCBIM 156.30 0.30 MDTL 7.04 0.00 MEBL 548.45 -1.55 MEHT 132.57 0.54 MERIT 8.99 -0.18 META 9.67 -0.83 MFFL 157.07 -0.97 MFFLR1 9.01 0.06 MFL 44.51 -1.19 MIIETF 15.84 -0.08 MIRKS 31.26 0.26 MIRKSR 8.67 0.12 MLCF 90.63 -0.88 MODAM 5.73 -0.09 MQTM 26.37 -0.62 MRNS 60.98 1.68 MSCL 18.57 -0.42 MSOT 205.16 8.36 MTL 298.70 0.72 MUGHAL 67.74 -0.51 MUGHALC 64.98 6.45 MUREB 907.05 -40.93 MWMP 90.44 -3.07 MZNP-ETF 17.17 -0.03 NAGC 87.20 -4.75 NATF 325.23 -4.27 NATM 67.67 3.97 NBP 158.42 -1.58 NBPG-ETF 25.62 -0.50 NCL 38.23 -0.17 NCML 15.56 -0.30 NCPL 50.97 -0.28 NESTLE 7,000.25 -24.74 NETSOL 118.39 -1.11 NEXT 13.99 -0.76 NICL 263.90 0.90 NITG-ETF 32.60 -0.16 NML 123.46 -2.04 NNAR 21.75 0.14 NONS 83.77 0.33 NPL 54.98 -1.52 NRL 642.61 12.63 NRSL 33.71 0.11 NSRM 190.31 -9.69 OBOY 15.85 -0.10 OBOYR2 0.64 -0.39 OCTOPUS 27.23 -0.22 OGDC 306.12 -2.38 OLPL 24.15 -0.45 OLPL 50.99 -0.49 OLPM 27.00 -0.10 OML 62.93 -5.95 ORIXM 16.29 0.29 ORM 12.35 0.35 OTSU 359.78 9.65 PABC 99.08 4.48 PACE 9.78 0.08 PAEL 33.96 0.23 PAKD 118.61 -2.38 PAKL 46.08 -4.71 PAKMI 1.30 -0.01 PAKOXY 345.02 1.02 PAKQATAR 16.54 -0.27 PAKRI 15.43 -0.07 PAKT 1,395.02 -9.98 PASL 0.75 0.00 PASL 2.40 0.00 PASM 9.00 0.00 PCAL 136.00 -0.56 PECO 614.35 -5.62 PGLC 14.45 -2.29 PHDL 50.40 1.60 PIAA 22.17 0.17 PIAB 828.42 57.80 PIAHCLA 21.55 0.01 PIAHCLB 14,494.00 289.00 PIBTL 13.52 -0.18 PICT 44.69 -1.09 PIL 4.69 0.06 PIM 63.25 11.24 PINL 9.56 -0.79 PIOC 235.46 -1.54 PKGI 23.05 -0.94 PKGIR 1.36 -0.69 PKGP 35.06 -0.90 PKGS 686.90 -13.09 PMI 4.70 0.19 PMPK 1,431.85 121.85 PMRS 360.23 -4.77 PNSC 575.24 10.24 POL 764.29 1.84 POML 150.00 7.00 POWER 21.33 0.02 PPL 218.94 -0.56 PPP 144.39 0.28 PPVC 18.98 1.28 PQGTL 12.49 -0.01 PREMA 32.16 -0.98 PRET 538.73 23.73 PRL 93.07 1.91 PRWM 58.25 -1.05 PSEL 1,002.62 2.73 PSMC 609.00 0.00 PSO 360.66 -1.42 PSX 41.55 0.34 PSYL 217.64 7.64 PTC 58.84 -2.13 PTL 48.26 0.17 QTECH 35.66 0.67 QUET 14.25 -0.24 QUICE 26.69 -0.70 RCML 400.22 -4.78 REDCO 27.44 2.44 REWM 171.54 14.44 RICL 11.45 -0.20 RMPL 8,619.95 -84.05 RPL 15.29 -0.01 RUBY 20.56 -0.04 RUPL 27.99 -1.86 SAIF 35.86 0.56 SANE 8.07 -1.13 SANSM 117.00 -6.75 SAPL 870.00 0.00 SAPT 1,556.27 -42.73 SARC 71.62 3.72 SASML 309.00 0.00 SAZEW 1,583.32 -25.58 SBL 13.57 0.27 SCBPL 58.43 -2.56 SCL 750.07 0.07 SEARL 77.86 -0.14 SEARLR2 0.15 -0.10 SEL 26.06 -0.91 SELECT 30.06 0.20 SEPL 132.94 2.14 SERT 36.62 0.67 SFL 1,033.77 33.79 SGF 107.10 2.35 SGPL 22.09 -0.16 SGPL 33.89 -7.52 SGPLR 9.76 -1.21 SHCM 89.65 3.65 SHDT 45.00 0.02 SHEL 185.01 -4.09 SHEZ 269.78 -5.21 SHFA 443.60 -1.40 SHJS 166.38 9.37 SHNI 8.00 -0.12 SHSML 351.23 0.00 SIBL 7.15 -0.41 SIEM 1,590.00 -10.00 SILK 1.15 -0.01 SINDM 50.07 1.07 SITC 640.02 0.04 SKRS 22.05 -0.94 SLGL 13.18 0.08 SLL 1.70 -0.44 SLM 21.93 0.15 SLYT 14.51 -0.51 SMBL 2.17 -0.03 SMCPL 40.16 -0.52 SML 97.86 5.66 SMTM 11.90 -0.09 SNAI 37.01 1.01 SNBL 19.14 -0.56 SNGP 90.35 -1.75 SOYASUP 28.25 -0.53 SPAC1 22.03 -0.95 SPAC2 13.80 -0.20 SPEL 39.37 -1.13 SPEL 48.93 0.04 SPL 50.89 0.00 SPLC 1.70 0.07 SPSL 15.42 0.19 SPWL 7.76 -0.01 SRR 16.99 -0.41 SRVI 179.10 -0.89 SSGC 23.06 -0.19 SSML 17.78 -0.22 SSOM 401.75 14.60 STCL 8.49 -0.20 STJT 145.05 -4.45 STL 23.05 -0.43 STLR 12.19 -0.33 STML 46.00 1.92 STPL 7.62 -0.23 STYLERS 48.51 -0.99 STYLERSR 1.72 0.39 SUHJ 22.20 0.00 SURC 142.80 0.82 SUTM 113.41 3.31 SWL 316.53 28.78 SYM 12.20 -0.10 SYS 116.00 0.10 SZTM 81.63 -1.67 TATM 154.58 10.58 TBL 9.33 0.38 TCORP 19.31 -2.20 TCORP 19.89 -0.15 TCORPR1 0.79 -0.73 TELE 7.17 -0.07 TGL 158.77 2.10 THALL 511.28 -6.72 THCCL 69.28 -0.23 TICL 806.64 -13.34 TISL 4.91 0.01 TOMCL 28.90 -0.11 TOMCLR 3.81 1.00 TOWL 125.19 0.20 TPL 20.17 0.56 TPLI 51.59 0.59 TPLL 19.03 -0.86 TPLP 12.38 0.77 TPLRF1 9.01 0.42 TPLT 29.45 -1.00 TREET 23.72 1.43 TREETR2 5.62 0.65 TRG 55.29 -0.45 TRIPF 129.96 1.86 TRSM 13.92 0.32 TSBL 2.29 -0.01 TSBLR1 0.18 -0.04 TSMF 15.41 -2.19 TSML 471.93 2.93 TSPL 13.20 0.48 UBDL 24.83 0.83 UBL 416.91 -2.40 UBLP-ETF 28.00 -0.38 UCAPM 6.98 0.58 UDLI 15.90 -0.28 UDPL 99.17 -0.83 UNIC 11.13 0.14 UNITY 7.73 0.18 UPFL 25,055.00 -344.99 UVIC 18.00 0.25 WAFI 154.83 -4.67 WAHDAT 14.27 0.08 WAHN 226.25 0.25 WASL 5.86 0.26 WASLR 0.79 0.15 WAVES 8.97 0.08 WAVESAPP 7.69 -0.15 WAVESAPPR 0.06 -0.11 WHALE 8.01 -0.19 WTL 0.99 -0.01 WYETH 2,008.00 8.00 YOUW 4.64 -0.06 ZAHID 61.85 3.85 ZAL 38.90 -0.48 ZIL 301.19 1.19 ZTL 16.50 0.50 ZUMA 29.14 0.14

No straight path for markets

October 12, 2026

Pakistan stock market's extraordinary rally from around 40,000 to beyond 180,000 in 2.5 years from June 2023 to January 2026 reflected improving fundamentals (from low 3.5x price-to-earnings (P/E), liquidity (rate cut from 22% to 11.5%), sentiment and diplomatic goodwill. Much good news arrived – and was priced in remarkably quickly. After roughly eight frustrating months, investors are questioning equities and eyeing property or fixed income. With the index closing October 1 near 168,637, disappointment is understandable. But consolidation after an exceptional advance does not invalidate the investment case.