The Pakistan Stock Exchange’s benchmark KSE-100 Index has entered a period of consolidation and range-bound trading over the last month, pausing a phenomenal, multi-month bull run that had seen the index nearly double over the past year.
As of late November 2025, the Index is showing a minor deceleration, with data indicating a slight loss of approximately -0.11% to -1.48% over the past four weeks (depending on the exact trading period measured). This cooling-off period follows a powerful rally where the index repeatedly hit all-time highs throughout the previous months, demonstrating gains well above 90% year-on-year.
One-Month Performance Summary
The last month can be characterized as a period of profit-taking and technical correction, following the Index’s major bullish breakout. Key observations include:
- Near-Term Pullback: The Index, which had been in a robust upward trend, faced resistance around the 163,500 to 164,000 mark, triggering a necessary corrective phase.
- Range-Bound Activity: Most of the trading activity has been confined to a tight range, suggesting a battle between aggressive buyers and sellers. This has resulted in a net weekly gain of only 167 points in the most recent week, following a volatile ride.
- Low Volumes: Trading volumes have been notably lower, hitting some of the lowest intra-day totals seen in recent months. This suggests that major institutional players and aggressive investors are currently sidelined, waiting for a clearer trend direction before committing large capital.
- Sectoral Mixed Bag: While the overall index is consolidating, certain sectors have seen short-term volatility. Companies in the Cement and Fertilizer sectors showed strong one-month price performance, while large-cap stocks contributing to the Index’s previous surge, such as those in the banking and energy sectors, saw mixed movements due to profit booking.
In conclusion, the KSE-100 Index is taking a breath after its historic run. Analysts suggest that while the long-term bullish outlook remains strong, a period of choppy, sideways trading is likely to continue as the market digests its massive gains and awaits fresh positive triggers, possibly related to clarity on the macroeconomic front or significant corporate earnings news.