The week in brief
This week’s market story was one of contrasts across asset classes. The KSE-100 eked out a modest weekly gain, the rupee was broadly flat, gold tumbled sharply and Brent crude finished the week higher. Official policy moves were front and centre: the State Bank of Pakistan announced a policy rate of 12% on 28 Oct, and the government set retail petrol and diesel reference prices at 376.06 PKR/litre and 398.07 PKR/litre respectively (both announced 28 Oct).
A practical caveat: the market series in the dataset are flagged as not from a full trading week, so short‑term swings should be read with that in mind.
Stock market
The benchmark KSE‑100 closed the week at 166,409.25 points, a rise of 672.5 points or 0.41% from the previous week. The index’s high point in the available sessions was 167,193.44 on 29 Oct (a daily gain of 1,456.68 points), and the low was 165,736.76 on 28 Oct.
Market commentary during the week highlighted that some sessions had no single identifiable trigger. The Wednesday close was reported with no clear catalyst and a reminder that investors were watching the dollar, gold and Brent crude (KSE-100 rises 0.77% to 165736.76 as NBP jumps). The Thursday advance — which took the index to its weekly peak — was described as led by refiners, fertiliser and banks, again with no single news trigger (KSE-100 rises to 167,193 as index gains 1,456 points). By Friday the market gave back ground as gains in a few counters were outweighed by weakness among refineries and fertiliser stocks (KSE-100 falls 0.47% to 166,409 at close; refineries and fertiliser lag).
Weekly movers underline the mixed picture. The top gainers were Pakistan Oilfields Limited (POL) — week close 667.04, up 1.58% — followed by Meezan Bank Limited (MEBL) at 528.61 (+0.48%), Systems Ltd. (SYS) at 109.15 (+0.33%), Engro Holdings (ENGROH) at 256.34 (+0.28%) and Oil & Gas Development Co. Ltd. (OGDC) at 306.78 (+0.19%).
The week’s larger sector losers included National Refinery Limited (NRL) at 555.44 (−3.53%), Fatima Fertilizer Co. Ltd. (FATIMA) at 134.56 (−3.15%), K‑Electric Ltd. (KEL) at 5.79 (−2.85%), Attock Refinery Ltd (ATRL) at 1,088.78 (−2.83%) and Sui Southern Gas Co. Ltd. (SSGC) at 22.53 (−2.64%).
Rupee, gold and oil
The US dollar closed the week at 276.6 PKR against the rupee, a small move from last week: down 0.45 PKR or −0.16% on the available sessions. The rupee moved in a narrow band between 277.05 and 276.6 in the reported days; the dataset notes it is not from a full week.
Precious metals saw the sharpest moves. Gold (10 grams) slumped from a previous close of 361,877 to 345,805, a weekly drop of 16,072 PKR or −4.44%. The deterioration was picked up in market reports that flagged falling gold prices and recommended watchers keep an eye on that market (KSE-100 falls 0.47% to 166,409 at close; refineries and fertiliser lag described gold as having slid).
Brent crude was more volatile: it traded between 110.87 USD and 113.48 USD per barrel in the available sessions and closed the week at 113.48 USD/bbl, up 1.95 USD or 1.75%. News coverage recorded a sharp midweek drop in Brent (KSE-100 rises to 167,193 as index gains 1,456 points), even as the series finished the available sessions higher.
Economy and policy
The State Bank of Pakistan announced a policy rate of 12% on 28 Oct (listed in the week’s official figures). The government also published retail reference prices for petrol and diesel on 28 Oct: petrol at 376.06 PKR/litre and diesel (HSD) at 398.07 PKR/litre. The official tables in the dataset list those levels as of the same date.
Because earlier values are not provided in the official figures, the dataset does not show week‑over‑week changes for those retail fuel references; the entries record the published levels and the announcement date without a reported prior value.
Companies and sectors
The week saw a pattern of rotation across energy, refiners, fertiliser and banks. Refinery and fertiliser counters were explicitly singled out both as leaders of Thursday’s gains and as laggards on Friday, showing how quickly sentiment shifted for that subset of stocks (KSE-100 rises to 167,193 as index gains 1,456 points, KSE-100 falls 0.47% to 166,409 at close; refineries and fertiliser lag). That week‑to‑week churn is reflected in the weekly movers list where refiners such as NRL and ATRL sit among the biggest decliners while oil explorers and majors (POL, OGDC) posted small gains.
Banking names showed selective strength: Meezan Bank Limited closed the week at 528.61, up 0.48%, and earlier session reports highlighted a notable single‑stock move for NBP that contributed to a midweek advance (KSE-100 rises 0.77% to 165736.76 as NBP jumps).
What to watch next week
- Movements in the US dollar, gold prices and Brent crude — these three markets were repeatedly flagged by market reports this week as focal points for investors (see Wednesday brief).
- Any further official guidance or data from monetary or fiscal authorities; the SBP policy rate announcement on 28 Oct has reset the reference rate to 12%.
The bottom line
This was a week of uneven signals. The KSE‑100 produced a small weekly gain, but internals showed rotation and pockets of weakness — notably among refiners and fertiliser names — while gold suffered a sharp fall and Brent traded volatilely before ending the available sessions higher. The rupee remained broadly stable in the reported days, and policy settings were refreshed when the SBP published a 12% policy rate on 28 Oct alongside new retail fuel reference prices. With market commentary explicitly noting the dollar, gold and Brent as the near‑term watchlist, those three will be the obvious triggers to follow in the coming sessions.
The Week in Review is market commentary for information only and is not investment advice. Figures for 26 Oct – 30 Oct 2026.
